Derby’s Enterprise Growth Fund was made available December 2012, to support business growth and job creation in the Derby area. Having secured £40m of the Regional Growth Fund to grow enterprise and jobs, £20m was made available exclusively for Derby businesses. For those of you who might have not been aware of the scheme, businesses were invited to apply for funding, with two possible avenues to take:
Innovation: This is primarily (but not exclusively) for enterprises in the aerospace, rail and automotive supply chains. The grants can be used to develop or improve your products and related services. This could involve innovation, research and development of products, processes and systems which will result in business and supply chain efficiency, resilience, growth and profitability.
Expansion: Enterprises with growth potential across all sectors, including social enterprises, may apply for loans and in some cases grants, for activity that will create and sustain new jobs. The financial assistance may support:
- Investment in capital equipment, site and building infrastructure other than that required for supply chain innovation, which can be secured under the Innovation programme above.
- Costs with relocation from abroad.
- In exceptional cases, the fund may support costs of relocation from within the UK where there is new investment and jobs, and not displacement of UK jobs.
- Investment in development that will facilitate additional overseas trade
- Enterprises to become investment ready to successfully be able to access risk capital funding under the Investment Programme below.
Investment: In addition to these two programmes, a Co-investment fund to invest risk capital in early stage growth has also been established. The Investment programme will make available risk capital and equity for investments in the region of £50k to £1 million for high growth potential and early stage businesses where the investment will support the creation and selling of a new product or service. Although applications will be welcomed from all sectors, particular encouragement will be given to aerospace, rail and automotive enterprises. Such investment is expected to:
- Support innovation and growth
- Retain enterprises in or attract them to Derby
- Create more jobs
- Generate a return
The programme has now been running six months and funds are still available for businesses to apply for. We recommend you visit the Derby Enterprises Growth Fund information page, which can be found here, for further information, and to see the next stage of how you apply for funding. It is worth all Derby Businesses taking a further look into the requirements of application – schemes like these are rare in this current climate.
If you have any questions about this, or funding requirements in general, then please do get in touch by calling 01332 242257 or emailing email@example.com. Through our wide range of contacts, and our expertise in helping owner managed businesses, we can find solutions to the most challenging funding requirements.
Image sourced from Derby Enterprise Growth Fund.