Derby City Council Pledges Further Support For Business Growth
Derby City Council has announced that a further £12.5 million will be available in 2016 to support business innovation and growth under the Derby Enterprise Growth Fund (DEGF).
The £20 million DEGF, supported by the Regional Growth Fund, has already been administered to businesses in Derby and the surrounding area through grants and loans.
With around 65% allocated in loans, there will be £12.5 million due to be repaid to the Council available next year to support more business’ innovation, expansion and job creation plans.
The announcement was made at an event organised by the city council and Barclays plc as part of Global Entrepreneurship Week.
Delegates at the event heard from Derby City Council Deputy Leader Cllr Martin Rawson who is chair of the DEGF panel that administers the fund.
Ali Wright from bespoke joinery company Two Twenty in Foston and Barry Jones from Derby-based BJJR autogyro aircraft manufacturers, who have both benefited by DEGF support, shared their business experiences.
The event also included a cash flow management for growth advice session from Gillian Ward from Barclays Business and Neil King from Derby-based Cedar & Co Accountants.
At the event, Cllr Martin Rawson said: “Derby has a reputation for innovation and is the UK’s engineering powerhouse.
We are therefore proud to be continuing the support for the current generation of entrepreneurs through the DEGF as part of the city council’s commitment to sustainable job creation.
DEGF is one of the most successful schemes in the UK and has already supported 140 local businesses.
There have been 750 sustainable jobs created so far and we are on track to achieve the 2,000 job creation target by 2020.
A significant amount of money has been allocated through loans so the DEGF continues to be open for business.
We welcome expressions of interest at the moment and applications will re-open in early 2016.”
DEGF focuses on stimulating innovation, expansion and investment in Derby businesses with each individual project judged on its own merits.
Grants and loans have been used to develop or improve products and related services – leading to job creation.
The Fund has also promoted business expansion by providing support with costs of relocation from abroad, investment in development to enable additional overseas trade and capital equipment, site and building infrastructure as well as help to become investment-ready.