Derby and Nottingham have been listed as two of the top 15 cities in the country for Small and Medium Enterprise (SME) growth prospects, in a new publication by national energy company nPower business.
The SME Growth Forecast Index for 2016 was written for nPower business by economic research consultancy Capital Economics earlier this month (September). It takes an overview of SMEs in the United Kingdom, looking at their recent performance and prospects for future growth. In a list of the top 15 cities for SME growth prospects, both the cities Nottingham and Derby have been featured (Nottingham 7th, Derby 11th).
D2N2 is the Local Enterprise Partnership (LEP) for Derby, Derbyshire, Nottingham and Nottinghamshire and works with a wide variety of businesses, skills and training providers, community and voluntary sector organisations and local authorities to build and shape its areas economy and infrastructure, with the aim of creating 55,000 new jobs in ten years. D2N2 has also created the D2N2 Growth Hub, a free and impartial business support and advice service, to help SMEs and Micro-Businesses with aspirations for growth. To date, the D2N2 Growth Hub has handled over 2,000 enquiries since its setup in December 2014.
D2N2 also ran an Unlocking Investment for Growth (UI4G) programme, in which it invited its areas SMEs to apply for funding to help with expansion projects. This has now been fully committed, but it is estimated that UI4G will have eventually inspired business owners in the D2N2 area to invest over £20m, alongside the grant support received, to grow their businesses. Grants already approved are expected to eventually create more than 400 new jobs, around double what had been estimated at the programme’s beginning.
The SME Growth Forecast Report 2016 also shows that:
- SMEs account for more than 99 per cent of private sector businesses in the United Kingdom and provide employment for 16.8 million people
- SMEs are responsible for over half of Britain’s economic activity and generate £0.9 trillion of value added each year
- SMEs have been crucial for recent record high levels of employment in the United Kingdom, accounting for almost four-fifths of the increase in private sector employment since 2010
- Factors such as access to a skilled workforce, good broadband and transport connectivity, and policy support from government affect the success of SMEs in cities across the country.
For More Information on the above release, please contact:
D2N2 Communications Manager
D2N2 Social Media and Marketing Officer
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