An initiative launched in the wake of job losses at pharmaceutical giant GlaxoSmithKline (GSK) has shown instant results.

The Teesdale Enterprise Fund, set up in March with the target of creating 150 new sustainable jobs, has already helped to create around 80 jobs.

The fund, established with a donation of £750,000 from GSK, is part of a package of measures to lessen the impact on the local economy of the company's downsizing.

The drugs giant has said it needs to cut around 400 jobs from its Barnard Castle workforce of 1,500 by the end of next year.

Already around 280 staff have applied for voluntary redundancy at the plant.

The new fund is a collaborative venture involving GSK, County Durham Development Company (CDDC) and the Teesdale Enterprise Agency.

It also enjoys the support of a range of other organisations, including Durham County Council, Teesdale District Council and regional development agency One NorthEast.

Mark Lloyd, Managing Director of CDDC and Director of Economic Development and Planning at Durham County Council, said: "Applications for funding are open to anyone wishing to start up a business, or to expand an existing business, in Teesdale. All industrial and commercial sectors will be considered.

"The panel set up to manage the fund has met to approve the first group of applications and the range and type of applications show that the Teesdale Enterprise Fund is doing precisely what it was intended to do."

Almost 80 new jobs are forecast by 20 projects with a combined investment value of over £2m.

Grants from the fund totalling almost £175,000 will make a major contribution to creating manufacturing and service sector jobs throughout the Teesdale area of County Durham.

Mr Lloyd continued: "These job-creating projects range in value from almost £1m to just under £7,000 and offer valuable new employment opportunities in this rural part of County Durham.

"From soft furnishings to steel fabrication, IT consultancies, accountants and the production of speciality meats, the new enterprises are adding to the diversity of the local economic base." For more information about the Teesdale Enterprise Fund, visit www.teesdalefund.com.