Derbyshire and Nottinghamshire News in 2012

30 October 2012

D2N2 Spearheads Growth

DERBYSHIRE AND NOTTINGHAMSHIRE BUSINESSES SET FOR £5 MILLION JOBS BOOST

Businesses looking to expand and create jobs are set to benefit after the partnership championing economic growth in the region secured a £5m funding boost.

The D2N2 Local Enterprise Partnership – which brings together the public and private sector to spearhead economic recovery and growth across Derbyshire and Nottinghamshire – successfully bid for the money from the Government’s Regional Growth Fund.

Once it is set up, D2N2’s ‘Unlocking Investment Growth’ programme will mean small and medium sized businesses can apply for grants of between £50,000 and £1m, which can be used to invest in individual schemes which help to create jobs, support business expansion and generate economic growth.

D2N2 Board member Peter Richardson said: “Today’s announcement that D2N2’s Unlocking Investment Growth programme has been awarded £5m is fantastic news for the Derbyshire and Nottinghamshire economy.

“We’re working hard to create growth in the area by stimulating investment in private sector business, creating jobs and economic activity and this Regional Growth Fund money is a major boost to that.

“D2N2 has established a solid foundation and identified the key sectors that will be fundamental to the future prosperity of the region. We are committed to being a facilitator of growth across Derbyshire and Nottinghamshire and a friend and ally to business who share our ambition”

“Small and medium sized businesses are the heartbeat of our economy and we have tailored our bid to ensure that the money will reach these companies which can put it to use safeguarding the jobs of their current workforce and creating hundreds more.”

For every £1 of RGF money spent it is anticipated that a further £3 of investment will be attracted from other sources – either private money or from European funding streams – meaning a total boost to the region’s economy of around £20m.

In addition to this very welcome news, private companies are able to submit bids for RGF money and three firms from the D2N2 region have been successful in the third round of funding. They are Nottingham-based pharmaceutical manufacturer BCM Limited, textile manufacturer Guilford Europe Ltd of Alfreton, and Romax Technology Ltd, an engineering company from Nottingham.