County Durham is different to almost any other place in the region, and consequently has a very different dynamic in terms of doing business there.
With its wide catchment area and in the varying types of businesses that County Durham boasts, there is also a different dimension in terms of the attitude which makes for a real vibrancy in the marketplace. For those with a progressive and professional mindset, there are some great development opportunities for people wishing to strike out on their own, find new opportunities or expand their business activities.
Business Durham, the economic development company for County Durham, has set up a new £20m fund to help businesses to grow sustainably. This is creating a different dynamic in the county, and we are already starting to see changes and notice different things going on, but the pace will really start to pick up when the first loans are made in the next few months.
As more firms locate, start up and grow across the county, and as businesses scale up and create new jobs, there is no doubt that this will generate prosperity for the local and regional economies.
Access to finance has historically been a real issue for businesses, but the new fund has been designed in such a way as to link in with other investment pots and be accessible for businesses of all sizes and across all sectors. The fund has already been hailed as innovative and transformational, and we can only expect that the already vibrant marketplace is set to strengthen over the next few years.
However, it remains important that we keep an eye on the wider picture when it comes to gaining an advantage through a period of change. Business people from across the region need to be aware of the changes that are happening in County Durham. For business leaders within the county, it’s important that they are talking to advisers about a whole range of issues, from upskilling to finance options, from brokering deals to managing growth.
Ultimately, these are exciting times for County Durham and North East economies which present opportunities for us all. By building up our intelligence and fostering more prospects and deals, we can ensure the vibrancy of the County Durham business scene not only continues, but accelerates, for many years to come.
