Up to £2m available for business growth

Up to £2million in funding could be loaned to businesses looking to grow and create more jobs, as part of an opportunity launched today by the local enterprise partnership for Derbyshire and Nottinghamshire, D2N2.

D2N2 – a private sector-led partnership of business, local authorities, skills and training providers, community organisations and others which promotes economic growth locally – is now inviting applications to its Growing Places Fund (GPF).

GPF enables businesses and public sector organisations (for example, local authorities) to apply for loans to kick-start stalled capital developments or expansion plans, which will directly grow the economy.

The next round of loans to individual companies or organisations will be between £200,000 and a maximum of £2 million, and must be to finance capital (building) to help further businesses.

Funded projects must be located within D2N2’s area; covered by the administrative boundaries of Derby City, Derbyshire County, Nottingham City and Nottinghamshire County councils.

Funding is limited and preference will be given to projects which deliver on D2N2’s priorities and key areas of economic focus.

David Ralph, Chief Executive of the D2N2 LEP, said: “We have already seen a great deal of success with the Growing Places Fund, providing more than £16m to help small and larger businesses access the missing finance they need to grow and create additional jobs.

“Factors we will be looking at when making a decision on the GPF applications we receive will be the economic impact of the project and how quickly investments can be repaid, so we can support other schemes.”

Applications must be submitted by 12pm on Friday February 26.

More information on the Growing Places Fund and guidance on how to apply for this funding can be found on the D2N2 Local Enterprise Partnership website now at www.d2n2lep.org/GPF