AN enterprise fund set up to soften the blow of job losses at a North-East pharmaceutical company is already paying dividends.

The Teesdale Enterprise Fund was launched in Barnard Castle, County Durham, in March with a £750,000 donation from GlaxoSmithKline (GSK).

The fund forms part of a package of measures designed to lessen the impact on the local community and economy of the loss of 400 jobs at the plant, which will be completed by the end of next year.

The fund has already attracted 70 inquiries since it was launched, 42 projects have been approved and grants from the fund totalling almost £300,000 have been made.

The projects are forecasting a total of 159 full or part-time jobs over the next three years.

Applications considered by the fund management panel's latest meeting range from vehicle body repairs to pre-and after-school care, purpose-made joinery to business language translation.

One of the firms to benefit from the fund is Barnard Castle-based Anthony Nixon Fine Furniture. It was formed in 1993 and designs and manufactures bespoke fine furniture.

Chris Dauber, who looks after business development, marketing and sales, said: "We're committed to training and developing our employees.

"And this grant will prove invaluable in helping us to recruit and train two cabinet makers and an apprentice, keeping specialist skills alive."

Another successful applicant is Castle Labelling Ltd. Based on Harmire Enterprise Park at Barnard Castle, the company specialises in bar code systems with customers in the electronics, engineering and food and drinks sectors.

Managing director Derek Stainton said: "The valuable support we've received from the Teesdale Enterprise Fund will enable us to set up and train a national telesales team to help promote our products."

A collaborative venture involving GSK, County Durham Development Company (CDDC) and the Teesdale Enterprise Agency, the fund also enjoys the support of a range of other organisations, including Durham County Council, Teesdale District Council and One NorthEast.

Mark Lloyd, managing director of CDDC and Director of Economic Development and Planning at Durham County Council, said: "Applications for funding are invited from anyone wishing to start up a business, or to expand an existing business, in Teesdale and we'll consider applications from all industrial and commercial sectors."

New businesses, and existing business with less than ten employees, can contact the Teesdale Enterprise Agency.

Existing businesses with ten or more employees can contact the Business Services team at CDDC.

Alternatively, log on to the fund's website, www.teesdalefund.com, to find out how it can help.