The D2N2 LEP is currently inviting organisations to submit expressions of interest to its D2N2 Growing Places Fund – and local business Prometheus demonstrates the difference it could make to your business.
The deadline for submitting your expression of interest is midday on Friday, October 25, 2013.
Prometheus has already benefitted and is to double its staff as it switches from research and consultation into the production of its own fire retardant thanks to a helping hand from D2N2 LEP.
The Local Enterprise Partnership for Derby, Derbyshire, Nottingham and Nottinghamshire approved a £160,000 loan from its Growing Places Fund to the Langley Mill-based firm
It followed a successful application from the owners as they looked at raising capital to put a new product into production at its own premises in North Street.
Technical Director David Aslin said his staff is set to more than double from five to 12 as a direct result of the expansion.
Asked how crucial the D2N2 loan was to the growth of the business, Mr Aslin said: “It was absolutely essential. We had explored and exhausted all other funding routes except for an outline interest from the Rapid Growth Fund manager at Envestors.
“The effect of the D2N2 support is that if growth vastly exceeds the capacity funded by the D2N2 loan, further finance from conventional sources should be relatively easy to come by.
“If everything goes as predicted, we anticipate turnover of £1,500,000 PA with a staff of 12 minimum.”
Find out more about the Growing Places Fund
Prometheus was the first applicant to be successful through D2N2’s Growing Places Fund and many more applications are currently going through due diligence.
The Fund is re-opened to a fresh round of applications and Mr Aslin urged companies to pursue what was on offer.
He added: “If you have something novel that involves manufacture and job creation try an application to D2N2. You may get the funding you need, but make sure you have something to support your claims.
“If your project is technical ensure you have some sort of third party endorsement. The D2N2 people cannot be expected to have expertise in your business.”
Using £24m of funding from Government, the D2N2 Growing Places Fund aims to kick start ‘stalled’ job creating developments through rapid investments in local infrastructure and tackling site constraints.
Growing Places is a sustainable fund, which allows organisations to apply for funding to invest in physical infrastructure to support developments that create jobs. Over time, the cash is then paid back to D2N2 so it can make further investments to support economic growth.
D2N2 Chief Executive David Ralph said: “The deadline for expressions of interest is open until October 25 and it is for schemes that fit our strategic priorities and, with support from the fund, will bring jobs and economic growth to our area.
“We have already seen successes like Prometheus and a further five schemes are being finalised, ready to come to fruition.
“Prometheus might be a relatively small loan compared to the other five projects that are being finalised at present but it will make an enormous impact for the firm. What it shows is our ability to help small companies as well as larger firms.
“The Growing Places Fund will support schemes that may have been held back to get up and running and support our economic recovery.
“We will be looking at a number of factors when making decisions about which schemes to support, including their economic impact and how quickly investments can be repaid to support other schemes. Anyone thinking of applying should download the guidance from our website and, if suitable, submit an expression of interest. I would also urge them to work closely with their local authorities.”
Since 1989 Prometheus has been working in the field of fire protective coatings and materials often problem solving and product development consultancy to national and international clients. During this time it has also carried out its own research and licensed the resulting technologies.
Under the name Phyrolex, Prometheus is moving into production and has already started delivering orders and the product will provide low smoke, fire safe and fire protective composites for railway, aerospace, military and marine industries.
An Expression of Interest form and guidance is available at www.d2n2lep.org/GPF together with information about key contacts.
Expressions of interest must be submitted by midday on Friday October 25th, 2013.
