Bondholder Derby City Council has announced that a further £12.5 million will be available in 2016 to support business innovation and growth under the Derby Enterprise Growth Fund (DEGF).
The £20 million fund, supported by the Regional Growth Fund, has already been administered to over 140 businesses in Derby and the surrounding area through grants and loans, and created 750 new jobs.
With around 65% allocated in loans, there will be £12.5 million due to be repaid to the Council. This will be available next year to local businesses to support innovation, expansion and job creation plans.
One of the fund’s biggest success stories is from Bondholder epm:technology. Through DEGF, the composites manufacturer managed to secure a £4.75 million loan to develop their new, state-of-the-art 60,000 sq. ft. bespoke technical facility. Since the new facility opened the company has gone from strength to strength, becoming leaders in the composites manufacturing industry.
DEGF focuses on stimulating innovation, expansion and investment in Derby businesses with each individual project judged on its own merits. Grants and loans have been used to develop or improve products and related services – leading to job creation.