Derby Enterprise Growth Fund Set To Create 129 New Jobs
The latest round of grants and loans earmarked for local businesses from the £20 million Derby Enterprise Growth Fund (DEGF) are set to create 129 new jobs in the coming months.
The DEGF panel of industry and financial experts, led by the City Council, met this week to consider applications totaling £5,385,000 for 11 businesses in Derby and the surrounding area. Discussions will now take place with these businesses to the detailed arrangements and necessary safeguards.
The Fund has previously awarded £1.3 million of funding – creating nearly 150 new jobs – bringing the total to 279 full time posts generated for the local economy.
All the projects which have been given an ‘in principle” approval are now undergoing a due diligence process. The first project to receive an offer letter is due to be announced in the near future.
Derby City Council Leader Cllr Paul Bayliss, who chairs the DEGF panel, said today: “I am delighted with high level of innovation and vision that has been shown by the businesses who are applying for support through the DEGF.
“This quite clearly demonstrates the calibre of entrepreneurial skills and ambition and amongst business leaders in our local economy and their commitment to creating high quality jobs.
“This latest round of applications range from businesses involved in engineering and manufacturing to creative industries and specialist technical training – all areas where Derby has a strong skills base. Our support will create local jobs for local people.
“I am encouraged that businesses are recognising just how the Derby Enterprise Growth Fund can plug the funding gaps that many are facing and will support them in their business plans.
“We are in the process of helping 30 businesses, including the latest 11, at the moment and we are still keen for more businesses to say ‘yes’ to.”
DEGF was launched in December 2012 with the aim of supporting the growth of a wide range of small, medium and large size businesses in Derby and the surrounding area.
The funding awards are a mix of loans and grants and are to be used for a variety of projects which include building, extending, updating or moving to new premises through to providing new equipment and machinery.
Applications are welcomed by Derby City Council. To find out more visit: www.derby.gov.uk/degf. Alternatively call 01332 641628 or email defg@derby.gov.uk
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NOTE TO EDITORS:
The Derby Enterprise Growth Fund is a £20 million business finance package delivered by Derby City Council offering grants, structured loans and equity investment to Derby businesses and those that operate within the city’s travel to work area.
The Fund focuses on stimulating innovation, expansion and investment in enterprises with the key objective of creating jobs.
The Derby Enterprise Growth Fund can be used for a variety of purposes
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. The Fund also promotes business expansion, providing loans and in some cases grants for enterprises with growth potential across all sectors, including social enterprises. Eligible expenditure includes support with costs of relocation from abroad, investment in both development to enable additional overseas trade and capital equipment, site and building infrastructure, working capital, workforce development as well as help to become investment-ready.
For high growth potential businesses, including early stage businesses, risk capital and convertible loans from £50,000 to £1 million is available to support sustainable growth and job creation.
The Fund is expected to last until March 2015.