Derby Enterprise Growth Fund

Derby Enterprise Growth Fund

Funding support to grow Derby businesses

We have secured £40m of the Regional Growth Fund to grow enterprise and jobs in Derby and its travel to work area.Of this £40m, we have made £20m available to support business growth and job creation.

We are inviting funding applications from projects that demonstrate growth and create jobs. DEGF will normally support up to a maximum of 30% of the total project costs.

We will seek to offer an in principle decision in a matter of weeks. Application forms and guidance notes are available from the links at the bottom of this page.

To find out our latest news and events please visit the What's happening in Derby? business news page and for information about companies we’ve already supported please look at the Derby Enterprise Growth Fund blog.

Innovation

We are inviting applications for grants and loans to assist the development, application and adoption of innovation in supply chain from enterprises primarily, but not exclusively, in the aerospace, rail and automotive sectors. Funding  may 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. This may include the following:

  • research staff
  • instruments and equipment
  • buildings and land related to the project
  • consultancy and patent costs
  • operating costs and overheads related to the project
  • workforce development costs to introduce the innovation
  • working capital.

Expansion

Enterprises with growth plans across all sectors, including social enterprises, may apply for loans and in some cases grants, for activity that will create and sustain new jobs.

This 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 .
  • 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.
  • workforce development
  • working capital.

More information and how to apply

The Derby Enterprise Growth Fund is open to applicants within Derby and the city's Travel To Work Area (TTWA). To check if your business is within the Travel to Work Area please download the Travel to Work Area map and List of eligible postcodes

Download the application form and guidance notes for the Innovation and Expansion funding programmes from this page.

To find out more about whether you could obtain funding before you complete the application form, please complete and return the brief DEGF expression of interest form.

For more information on the Growth Fund, please contact Christine by:

Also please download our Frequently Asked Questions document. Please also note that the following projects are not likely to be a high priority for our funding:

  • Companies operating in sectors with a predominantly local market where this is a high risk of “job displacement”. By job displacement we mean companies where job growth in a local company is likely to lead to job losses in others. Sectors where this tends to be an issue include retail, hospitality, recruitment and social care for example.
  • Our fund does not give priority to projects where costs are predominantly towards employment of new staff (unless there is a particularly compelling justification that investment in particular staff will directly leading to innovation or expansion within the business)

Please note that we can only accept full application forms that are submitted together with full completed financial appendices (all seven tabs). Decisions on applications are made by the Derby Enterprise Growth Fund Investment Panel who meet approximately every six weeks. Once we have read your application we will contact you with any questions and will let you know when you can expect a decision on your bid.

If you receive an initial in-principle offer you will be required to pay for Due Diligence (usually at between 2-4% of your funding offer) prior to us confirming your offer and drawing up contracts.

As well as the Derby Enterprise Growth Fund there is a variety of support available, both nationally and locally, to help you run your business and to overcome challenges you might face. Please visit our Support for your business page.

What alternative funding is available in the area?

Unlocking Investment for Growth

£5million is available in Derby, Derbyshire, Nottingham and Nottinghamshire, to help local businesses grow and create new jobs. This programme provides up to 25% in support of capital investment projects with a minimum overall project value of £200,000. In exceptional circumstances up to £500,000 of grant funding will be made available to projects that can demonstrate real potential to create new jobs.

Priority will be given to the six key sectors of the Local Enterprise Partnership: Bio-science, Food and Drink, Construction, Transport Equipment Manufacture, Low Carbon and the Visitor Economy. However, all applications that can demonstrate a well thought out business case, significant job creation and value for money will be considered.

Expressions of Interest are currently being invited. Please co to www.d2n2lep.org/UI4G for further details.

Global Derbyshire Small Business Support Programme

Derbyshire Economic Partnership’s Global Derbyshire Small Business Support Programme is a £3million grant scheme funded via the Government’s Regional Growth Fund. It provides grant funding for Derbyshire’s SMEs (excluding businesses with the Derby City Council boundary) seeking to grow, collaborate, innovate and export. Grants from £4,000 – £75,000 are available to support the following four strands of activity;

1 Start-up support

2 Business innovation and development (including supply chain collaboration)

3 Delivering Digital Derbyshire

4 Export promotion.

To find out more about the Global Derbyshire Small Business Support Programme and how to apply visit www.derbyshireeconomicpartnership.org.uk.

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