A report highlighting key achievements and job creation figures from Derby City Council’s Regional Growth Fund (RGF) has now been released.
Published by research specialists Carney Green, the Mid-term Evaluation of the Derby Regional Growth Fund Programme looks at a number of key areas in which Derby’s economy has been helped by RGF, including developments with the Infinity Park Enterprise Zone (pictured), funding to help businesses expand and infrastructure development.
D2N2 is the Local Enterprise Partnership for Derbyshire and Nottinghamshire and works with businesses, local authorities, skills and training providers and community and voluntary organisations to grow its areas economy, with the aim of creating 55,000 new jobs in ten years (2013-2023).
As part of this mission, D2N2 oversees two enterprise zone sites across its area, one of which is the Nottingham & Derby Enterprise Zone. Located at a number of sites, including the Alliance Boots and Medipark sites in Nottingham, and the Infinity Park site in Derby, enterprise zones provide a number of benefits for businesses who set up there, including superfast broadband, rates relief and capital grants for machinery.
D2N2 also ran a funding programme which was part-funded by £5million RGF, as well as £2.8million from the European Regional Development Fund. Unlocking Investment for Growth (UI4G) was a grant scheme for businesses in Derbyshire and Nottinghamshire who had plans for growth. Those businesses who could demonstrate that their expansions would create jobs, but did not have quite enough funding could apply to D2N2’s UI4G programme. Projects had to have a minimum overall value of £200,000, a strong business case and could demonstrate value for money and that private sector investment would be leveraged by the grant.
Businesses working in D2N2’s eight key sectors – transport equipment manufacturing, life sciences, food and drink manufacturing, construction, the visitor economy, low carbon goods and services, transport and logistics and the creative industries – were of particular interest when applications were made. In exceptional cases grants up to £500,000 could be made available under the UI4G programme, which has now been fully committed.
Over its lifetime, 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 approved are expected to eventually create more than 400 new jobs, around double what had been estimated at the programme’s beginning.
The Mid Term Evaluation of the Derby Regional Growth Fund highlights a number of key achievements, including:
- More than 135 businesses received grants and loans totalling over £23m through the Derby Enterprise Growth Fund (DEGF) leading to over 800 new jobs;
- Access road and other key infrastructure completed for the 100 acre Infinity Park Development;
- RGF funding to help build a 2.4km access road, due to open later this month (July), and associated infrastructure, ensuring the business park will be ‘investment ready’, helping to accommodate up to 8000 jobs.
- Construction of the Innovation Hub, a flagship facility within Infinity Park – which is set to open later this month (July 27);
- £4.5m improvements to the Railway Technical Centre (RTC) Business Park ensuring the facility was retained within Derby;
- 46 businesses provided with funding and business supported through Enscite, creating 35 new jobs.
For more information on the above release, please contact Sam Burbage, Social Media and Marketing Officer at the D2N2 LEP, on 01159 578254, or by email firstname.lastname@example.org