A DERBYSHIRE High Peak company is set to create 43 extra jobs after a helping hand from the D2N2 Local Enterprise Partnership.
Street Crane Ltd has been successful in applying for a grant from D2N2’s Unlocking Investment for Growth programme (UI4G), which is supported by the Government’s Regional Growth Fund.
The company has successfully applied for £150,000 to help pave the way for a new building on its site as part of a £1.5m first phase of a three-part expansion at its Chapel-en-le-Frith headquarters.
It will see the company – which manufactures overhead cranes and crane components and distributes across the world – grow its number of jobs by more than 20 per cent in three years once the whole project, totalling £2.7m, is finished.
With a further seven UI4G applications going through due diligence, the eight schemes coming to fruition across Derbyshire and Nottinghamshire sees D2N2 already working with grant offers to applicants totalling £1.3 million to help create well over 100 long-term jobs and pave the way for many more.
Dozens more applications are being worked through and EMB Ltd, who manages the programme on behalf of D2N2, has a pipeline of enquiries and would welcome further expressions of interest for capital investment projects that will create long-term sustainable jobs.
Street Crane’s Ian Jackson shows D2N2 Chief Executive David Ralph (right) around the company’s premises in Chapel-en-le-Frith
Ian Jackson, financial director at Street Crane Ltd, said: “We felt an expansion of this size might be a step too far without the grant so when we heard about it, we looked into what was available and applied.
“We felt this was an opportunity to grow the business further and a chance to go for a bigger factory. We are suffering from a severe lack of space, as we are full to capacity, and the first part of the expansion is now under way on the site next to the current buildings.
“We are delighted to be successful as it will help grow the business further and faster than we otherwise could have done at this time and it will aid us in creating many more jobs at Street Crane.
“As a company we are continually investing more into development, year on year, and that is vital in growing our business. It is crucial we listen to what our customers are saying all over the world and look at the gaps that need filling in our product range.
“But for us, the UI4G grant will be beneficial in helping us grow and create new jobs over the next three years and beyond.”
D2N2 Chief Executive David Ralph said: “Street Crane is a great example of how our UI4G programme can help deliver jobs and support growth of local businesses.
“This grant will help towards an exciting new phase of a three-year plan at Street Crane to expand their premises and grow the company and number of employees substantially over the next few years, as well as safeguarding even more jobs.
“Street Crane is also a great example of exporting and is an innovative company that is always investing and putting time into the development of its product.
“This new factory will be open for business in March 2014, having an immediate impact on growth and will be key to the continuing economic recovery, especially in the High Peak and surrounding areas.”
Business Minister Michael Fallon said: “D2N2’s latest award to Street Crane is fantastic news for the local economy in creating new jobs and developing skills. The new building will help Street Crane expand to new markets andis another boost for British manufacturing.
“The Regional Growth Fund is helping to kickstart British business and is the Government’s commitment to encourage long-term employment, boost private sector growth and lead to a more balanced economy.”
This £5m UI4G programme continues to be open to new applications and has recently been bolstered by a further injection of capital support from the European Regional Development Fund.
It will release nearly £30m of private investment from local businesses supporting hundreds of jobs.
While many of these will be in D2N2’s six key sectors of Bio-science, Food & Drink, Construction, Transport Equipment Manufacture, Low Carbon and the Visitor Economy, applications from other sectors creating long-term jobs will also be encouraged.
The programme will provide a grant in support of capital investment projects with a minimum overall project value of £200,000. In exceptional circumstances up to £500,000 of grant funding is available for projects that can demonstrate real potential to create new jobs. The process is competitive and applications will be rigorously assessed.
The main criteria for assessment will be:
- Overall strength of business case in terms of deliverability, impact and risk minimisation
- Number of new sustainable, private sector jobs created
- Level of private sector support investment that is leveraged by the grant funding
- Eligibility for Regional Growth Fund support – including State Aid compliance
- Value for money
David Smith, UI4G co-ordinator, said: “If you are working with, or run a business in Derbyshire or Nottinghamshire with a capital investment project that will create long-term sustainable jobs but can’t quite raise the capital necessary to purchase the assets required, then UI4G may be for you.”
For more information go to www.d2n2.org/UI4G or email UI4G@embltd.co.uk or call 01332 826366.