Peter Gadsby, one of the region’s leading businessmen, is calling out to company bosses across Derbyshire and Nottinghamshire to apply to access a multi-million pound pot of funding set up to create more than 500 long-term sustainable jobs.
D2N2 – the local enterprise partnership for Derby, Derbyshire, Nottingham and Nottinghamshire – secured £5m from the Government’s Regional Growth Fund, topped up further by the European Regional Development Fund, to help businesses grow.
Since launching its Unlocking Investment for Growth programme (UI4G) in 2013, D2N2 has already helped create 160 jobs, leveraging almost £9 million of private investment with more applications in the pipeline.
D2N2 Board member Mr Gadsby, who chairs the UI4G Panel, is spearheading this New Year initiative to encourage more local firms, who have been frustrated by limited access to finance opportunities, to access this significant grant funding to stimulate and accelerate their capacity expansion plans and take advantage of the improving economy.
Mr Gadsby, one of the region’s best known and successful business leaders, has a wealth of experience and expertise in all sectors and runs his own private venture capital business. He has first-hand experience about the challenges of accessing finance and is keen to ensure that eligible businesses with capital investment projects that create direct jobs are aware of and can apply to this D2N2 fund.
He 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 fixed assets required, then UI4G may be for you.
“We are now seeing first hand the huge difference UI4G can make to local businesses and that should encourage other companies to get in touch and express their interest.
“I am challenging companies not to miss out on this time-bound opportunity. Capital projects have to be complete by January 2015.”
Grants ranging from £50,000 to almost £500,000 have been awarded, supporting a wide range and size of businesses in varied locations, including a medium-sized manufacturing business in Chapel-en-le-Frith which exports globally, to a small but rapidly-growing engineering business in Ilkeston and a business in Sutton-in-Ashfield which specialises in the design and manufacture of technical precision plastic injection moulding tools and products.
Richard Gill, UI4G’s Programme Director, added: “We have a team ready to talk about your project and its eligibility. The sooner applications are received the better. We want to use this money to help grow the region’s economy and create new jobs.
“The team will also be at all D2N2’s upcoming business breakfasts to discuss UI4G with potential applicants and we are now finalising a series of clinics for businesses to come and talk to us in the coming weeks.”
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
The UI4G programme is managed by EMB Ltd on behalf of D2N2.
For more information or to arrange to attend an information clinic contact us via www.d2n2lep.org/UI4G, call 01332 826366 or email UI4G@embltd.co.uk.
For dates of our business breakfasts, visit www.d2n2lep.org/BB