Derby Enterprise Growth Fund

Derby Enterprise Growth Fund

Funding support to grow Derby businesses

Derby Enterprise Growth Fund (DEGF) is a £20m grant and loan funding scheme to support businesses in the Derby area. The funding is part of a £40m Regional Growth Fund programme to support local business growth.


Our fund offers grants and loans and we aim to offer loan funding rather than grant where possible. We are seeking to spend the initial £20m by March 2015 and we are therefore currently prioritising projects seeking over £50,000 funding that are able to spend the money quickly (by 31 March 2015). Companies seeking £50,000 or less can submit Expressions of Interest or applications but are unlikely to be considered until 2015. Our fund will be continuing beyond March 2015, funded by loan repayments from previous successful bids. Over 50% of our funding offers are loans and therefore we expect to have over £10m available to support businesses in future years.


We are inviting funding applications from projects that demonstrate growth and create jobs. There are two strands to our funding; (1) Supply Chain Innovation and (2) Enterprise Expansion. Supply Chain Innovation is particularly focussed on funding innovation in the transport engineering sectors, Enterprise Expansion is our general strand for business expansion and diversification.


DEGF aims to provide the minimum level of funding necessary for a project to take place, normally up to a maximum of 30% of the total project costs and £10,000 per new full-time-equivalent job created.

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.

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

 

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.

In addition to 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?

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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