The Derby and Derbyshire Enterprise Growth Fund (D2EGF) a scheme part-funded via the European Regional Development Fund and managed by Derby City Council has assisted in the creation of 215 new jobs since 2016 and helped to secure the future of many more. Over 30 companies have been supported to realise their growth potential and be more competitive.
The funding has been awarded to businesses with the potential to grow, expand or diversify. By bridging funding gaps at the right time to secure development opportunities, D2EGF has accelerated growth that otherwise might have taken years to become a reality. Without support from the scheme to enable their business to develop, many companies may have failed to remain competitive in their market thus putting existing jobs at risk.
Manufacturers of purpose built signs; NCS fabrications based at Ascot Drive are about to celebrate their 30th anniversary in May with a major expansion project supported by D2EGF.
The company currently employs 59 FTE staff but will increase to over 70 as a result of the expansion project. They manufacture and supply signage for some of the most prestigious, well-known brands in the UK.
Maintaining consistency around quality standards, a culture of confidentiality and understanding of customer needs has enabled the business to build strong relationships. To be more efficient and competitive however, the business needed investment in new buildings, plant and equipment and turned to D2EGF to complete their funding package.
Managing Director, Nigel Stevenson said:
“Due to the nature of our ground lease restrictions it is very difficult to get a mortgage on our property. The grant from the DEGF has been a life saver to allow us to expand and grow our operation in Derby, when we were considering having to move out of the City.”
Leader of Derby City Council Councillor Christopher Poulter, visited NCS Fabrications on 5 March to view progress on the project first-hand. Councillor Poulter was shown around the site including a new building plus machinery worth £700k which the funding has contributed to. The total value of the project once complete will be £1.1m with £174,500 having been provided by D2EGF.
Derby City Council Leader, Councillor Chris Poulter comments:
“Many businesses have the potential to grow and develop but don’t always have the cash flow available when they need it. I was keen to see how funding made available at the right time is helping to create 14 new FTE jobs plus 6 apprenticeships. On behalf of Derby City Council I am very pleased to see how successful the Fund has proved to be in helping to stimulate growth and create jobs locally.”
The D2 Enterprise Growth Fund is funded by Derby City Council, Derbyshire County Council, the European Regional Development Fund and the Government’s Regional Growth Fund. It follows the achievements of the Derby Enterprise Growth Fund in and around the city; the Fund has recently been successful in bidding for additional funding to make the scheme countywide. This funding has been awarded through the European Regional Development Fund (ERDF) and will enable DEGF to support a greater number of businesses wishing to invest in innovation and growth and job creation. The Fund will now have two streams, DEGF and D2EGF.
To find out more visit the Derby City Council website: derby.gov.uk/degf