Derby secures £3.2 million to continue city regeneration

Derby is set to benefit from a further £3.2 million of government funding to continue its regeneration efforts over the next year.

The funding, part of a national extension of the UK Shared Prosperity Fund (UKSPF), will be managed by the new East Midlands Combined County Authority (EMCCA).

It will build on the success of a previous programme that brought £53 million of investment to the local economy and created hundreds of jobs.

Based on levels of deprivation in the city, the new funding will be used to support a fresh phase of local projects across the city.

These will include a scheme to enable entrepreneurs to launch and expand their businesses into empty city centre units, along with initiatives to revitalise public spaces and enhance employability and skills for residents.

In addition to the £3.2 million, Derby has also been awarded £300,000 to support inward investment.

This will be allocated to Marketing Derby, the city’s Queen’s Award-winning investment promotion agency, to help it continue its work in attracting new businesses and securing investment.

The previous programme supported over 25 projects across the city, providing grants and one-on-one advice to 168 local businesses, and secured £53 million in capital investment for the city.

An employment and skills hub also helped 125 people find jobs or become self-employed and enabled 300 others to gain qualifications.

Councillor Nadine Peatfield, leader of Derby City Council and cabinet member for city centre, regeneration, strategy and policy said: “This new funding is fantastic news for Derby.

“It will enable us to build on our achievements, seize opportunities to bring life to vacant properties in the city centre, champion innovative new businesses and help people get the skills they need for a changing economy.

“It’s a chance to create lasting change, supporting our ambition to build a city we can all be proud of, that is a prosperous and vibrant place for everyone.”