Entrepreneurs who are part of an incubator designed to help companies grow and thrive in County Durham will now be able to access up to £10,000 of funding each.
Durham City Incubator (DCI) is open to businesses that have been trading for under 12 months and are based in County Durham.
It is a unique collaboration between Durham University, New College Durham and Business Durham, the economic development organisation, which works on behalf of Durham County Council.
DCI has partnered with Northstar Ventures to provide a loan fund of up to £7,500 to successful businesses which secure a place on the programme. Funding has come from the North East Innovation Fund supported by the European Regional Development Fund (ERDF) and is managed by Northstar Ventures.
Companies will also be able to tap into six months of intensive support designed to ensure they are ready for the next stage of growth, with training and advice ranging from financing and marketing to legal issues and business strategy and much more.
Sarah Slaven, operations director at Business Durham, said: “Businesses can really struggle to secure funding, particularly at a ‘proof of concept’ phase so the partnership with Northstar Ventures is fantastic news.”
The programme is open to any companies trading for under one year.