Derby Enterprise Growth Fund

INTRODUCTION

Good Morning!

Gareth O’Donovan, Senior DEGF Manager

Steve Turner, DEGF Manager

DEGF – Who are we?

• Set up in 2013;

• Team of 5;

• Part of Economic Growth & Regeneration at Derby City Council;

• Mostly banking and investment backgrounds.

DEGF – How are we funded?• 2013 - team set up - awarded £20m UK Government funding

for grants and loans.

• 2016 - awarded £2.6m by the European Regional Development Fund (ERDF) - grants only, available to

businesses throughout Derbyshire.

• 2019 – a further £1m was awarded by ERDF along with an extension of the scheme to December 2021.

DEGF – What projects do we support?£26m funding

approved

230projects

supported

2,000+jobs created

from projects

£133mtotal value of

projects supported

• New builds & relocations

• Premises extensions/refurbishments

• Fit out costs

• Purchase of equipment & installation costs e.g. CNC machines, lathes etc

• Specialist machinery and tooling

DEGF – Scheme objectives

To stimulate business growth in Derby and Derbyshire via:

• Job creation

• Private sector investment

• Productivity improvements

• Innovation

We are open for business and accepting grant applications…..

£800kavailable

DEGF – Key criteria• Limited company trading for at least 2 years

• Capital costs only

• 30% of total capital project costs

• Minimum grant of £20k = minimum total capital project costs of c.£70k

• Job creation – typically £10K grant per 1 full-time job created

• 70% private sector match funding – evidence of funding gap

• Project must not have started before receiving DEGF funding offer

• Project must be completed (including job creation) by December 2021

Simple Application Process

www.derby.gov.uk/degf

EOI Application PanelDue

DiligenceContracting CLAIM

Expect feedback within 10 days.

Submitted with financial appendices at least 4 weeks before a panel meeting.

Panel Meetings are bi-monthly. The next dates are 19th

May and then 21st July 2020.

EOI

Application

Panel

Due Diligence

Contracting

Claim

Be prepared for DD to take up to 6 weeks.

This can also take up to a maximum of 6 weeks.

Money defrayed, 3 quotes required per purchase, turnaround within 10 working days.

Case Study – J Seamer & Son

• Manufactures bespoke joinery products for residential & commercial property interiors

• £1.5m site re-location project

• £107k DEGF funding

• 5 new jobs to be created

Case Study – NCS Fabrications

• Manufactures purpose-built & bespoke large scale trade signs

• £1m site expansion project

• £174,500 DEGF funding

• 14 new jobs to be created

How to contact us…..

Website: www.derby.gov.uk/degf

E-mail : degf@derby.gov.uk

Call: 01332 641628