Derby Enterprise Growth Fund

Derby Enterprise Growth Fund

Funding support to grow Derby businesses

Derby Enterprise Growth Fund (DEGF) began as a £20m grant and loan funding scheme to support businesses in the Derby area. Over 50% of this funding was offered as loans and the fund continues to support businesses by re-distributing repaid loans. Our fund offers grants and loans and we aim to offer loan funding rather than grant where possible. As a result of the recycling of our loan funding we expect to have at least £10m of further funding available for businesses during Phase 2 of our scheme from April 2015 onwards. Any new applications received will be considered from April 2015 (first decisions at the end of May and bi-monthly thereafter).

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. If your business is outside our area but will take place within Derbyshire or Nottinghamshire please consider the University of Derby’s Invest to Grow scheme (see http://www.derby.ac.uk/businessservices/access-to-funding/)

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.
  • 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 regularly to consider new bids. 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 support from other funders is available in the area?

For information on other funding available please visit www.d2n2growthhub.co.uk/access-to-finance

 

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