Over one thousand new jobs have been created in and around Derby as a result of support from the Derby Enterprise Growth Fund (DEGF). This fantastic milestone comes as the fund reaches its third anniversary. The impressive results have been achieved by identifying innovative businesses which have the ambition and opportunity to grow, then supporting them with the finance necessary to achieve their potential.
DEGF is a £20 million recirculating grant and loan finance scheme, made available through a successful bid into the Regional Growth Fund. Derby City Council’s Economic Regeneration Team is proud to manage and deliver the fund and delighted that it is making a huge difference to the businesses supported and achieving such fantastic results for the local economy.
Three years on, businesses supported by DEGF recognise the opportunity that the finance has opened up to them. One of the first companies to benefit was Cloudbass Ltd. of Ripley, suppliers of solutions to the broadcast market. The £153,000 grant they received enabled the company to purchase new premises and essential equipment. Managing Director, Steve Knee, feels the funding was vital to their success and comments:
“The DEGF finance came at a crucial time to allow Cloudbass to meet the emerging market demand. The business expansion created 18 new posts which exceeded the target set of 14. We are absolutely delighted to have been able to access the funding and feel confident that we can sustain the growth into the future”.
Derby City Council Deputy Leader and Cabinet Member for Communities and City Centre Regeneration, Councillor Martin Rawson, comments:
“Our funding scheme is one of the most successful of its type in the county and we’re delighted to mark this huge achievement. The hard work of our DEGF team, combined with the innovation and ambition of local businesses means that over one thousand more people are now in sustainable jobs in and around Derby with help from our fund. We look forward to working with many more great local businesses in future as we head towards our target of over 2,200 new jobs in the area by 2020.” Cllr Rawson adds: “the labour-led administration of the Council has been delighted to use the fund to stimulate employment opportunities for local people.”
With the initial £20 million now allocated, the DEGF is now entering phase two with the distribution of £12 million of recycled loan funding. Applications are invited from businesses with plans for growth and job creation in Derby and the travel to work area. Further funding is being sought to enable this fantastic scheme to be extended to businesses in Derbyshire in the near future.