Regional development agency One NorthEast has provided £3 million of funding for a new business centre at the Tanfield Lea Industrial Estate in County Durham.
The money has been met with a further £2 million of capital investment, £1.8 million from the Regional Development Fund and additional support from the County Durham Economic Partnership.
There's no doubt this site has the potential to become a thriving business complex.
Ed Rowley
Director of regenretaion
One NorthEast
Due to open in March 2009, the three-storey Tanfield Business Centre will include 36 business units and a unique lettings policy designed to encourage young entrepreneurs.
Ed Rowley, acting director of regeneration at One NorthEast, said: "The fact the business units will cater for young entrepreneurs is even better as if we are to achieve our ambition of this region being a leading business location, we have to ensure the potential business stars of the future are given all the assistance they need to enter self employment.
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"There's no doubt this site has the potential to become a thriving business complex.
The construction project will be a "flagship scheme" for building company Rok which will deliver the centre.
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