Funding News – Derby Business Support Fund Extends its Scope

Derby City Council has announced that the £20 million Derby Enterprise Growth Fund, set up to support business expansion and job creation, has extended its remit to offer more opportunities for support.

The Fund will support the growth of a wide range of small and medium-sized businesses in Derby and South Derbyshire. It focuses on stimulating innovation and expansion and aims to help create 2,200 new jobs by 2020. It is seen by the Council as a vital source of funding to ensure that Derbyshire remains a high tech county. The programme is split into the following strands:

  • Innovation
  • Expansion
  • Investment

The funding awards a mix of loans and grants. The form and content if funding contracts will depend on the nature and complexity of the project but for loans will include provisions for repayment of funding and for both grants and loans, clawback provisions should projects not progress as anticipated.

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Source: Derby City Council, 12/06/2013