Funding and Grants
There are a number of funds and grants that are available for businesses in Chesterfield. This page will keep you up to date with the latest grant and incentive schemes.
D2N2 Capital Growth Fund
- Available across the whole D2N2 area i.e. Derbyshire & Nottinghamshire including the two cities
- Grants from £1,500 to £10,000, at 30 % of eligible costs
- Open to trading businesses but not pre-start / pre-trading businesses.
- Projects must support business growth and job creation; A project would be expected to create at least 1 Full Time Equivalent (FTE) job for grants £5,001 – £10,000, or 0.5 FTE job (18 hours/week)) for £5,000 or below.
- The programme can support capital expenditure, for example plant and machinery, equipment etc. There are some exclusions e.g. vehicles
- The Project can’t support revenue costs or running costs, such as rent, wages, marketing, consultancy
- Due to funding restrictions, this fund cannot support the retail sector.
Full details, terms & conditions and link to the application process are on the EMB website by following this link:
Derbyshire Business Support Grant Scheme (DBSGS)
Funding towards Capital or Revenue projects with the aim of supporting businesses to, expand, evolve or relocate, helping to create increased investment, growth and job creation.
Funding will support improved productivity, technology, systems, supply chain and skills development within businesses.
- Minimum grant size £2K.
- Maximum grant size £50K.
- Maximum of 50% of the total eligible project costs.
- Grants available to Sole Traders, Partnerships, Limited companies (micro and SME businesses and start-ups) and Social Enterprises (where sustainable future income is proven) who are liable or will be liable to pay business rates as part of the grant funded project.
- Capital and Revenue Funding subject to State Aid rules to include Capital Expenditure, relocation, fit out costs, R&D, Consultancy Costs, Training, Working Capital, Rental, staffing costs. (Exclusions subject to Officer and Panel discretion).
- Available to all sectors subject to State Aid rules and Investment Panel discretion.
- Fund to commence September 18 to run until 31stMarch 2020.
Output measures include :
- Turnover Growth or Profitability – ‘supporting firms to become more productive and competitive’ with agreed milestones.
- Value of contracts awarded.
- Diversification into new markets.
Access to Finance
Access to Finance is a key priority for the Sheffield City Region Local Enterprise Partnership (SCR LEP), and it is cited in many surveys as a key barrier to growth of businesses. In response to this it has created the Access to Finance Centre of Expertise to help businesses with growth plans secure the right mix of growth funds including, where appropriate, grant funding. The Centre is staffed by a mix of finance professionals with varying relevant experience.
Companies looking to secure external finance are encouraged to contact the Access to Finance Centre via the SCR Growth Hub by calling 0800 043 5522 or submitting an access to an Access to Finance Expression of Interest to email@example.com. Advisors will be able to:
- discuss your investment plans and requirements;
- give an impartial perspective on your business plan and forecasts;
- put you in touch with suitable commercial lenders;
- help you understand and negotiate the available publically-backed financial products and services;
- help you pull together a blend of finance, and help your project to move forward.
The Growth Hub is also open to enquiries from companies (however big or small) and to advisors or intermediaries acting on behalf of a client.
Business Grants Scheme
Business grants are now available to enable Derbyshire-based visitor economy businesses to grow and develop by accessing new markets.
Following the success of Phase 1 of the ‘Growing and Developing the Visitor Economy within Derbyshire’ project, Marketing Peak District & Derbyshire has obtained an additional £1.2 million extension of funding from the European Regional Development Fund (ERDF). Phase II will extend the current business support programme until March 2022.
As part of this ERDF-funded project, they are offering a series of small business grants between £1,000 and £10,000 to visitor economy SMEs throughout Derbyshire. All types of visitor economy businesses may apply for the grants scheme, including sole traders, partnerships or limited companies.
For more information click here.
Voluntary and Community Group Funding
For information on grants available for Voluntary and Community Groups, visit the website: http://www.linkscvs.org.uk. The Chesterfield and North East Derbyshire Council for Voluntary Service and Action Ltd.
GRANTnet is the UK’s leading free-to-us funding database, it is a user-friendly to use service which has been devised to assist community and voluntary groups, sports and other clubs, schools, social enterprises and small businesses in identifying funding opportunities for specific projects.
Visit the website at:http://www.derbyshire.gov.uk/community/lottery_funding/grant_net/default.asp
Business Finance Support Finder
The Business Finance Support Finder is an HM Government tool to help you access information about funding options in your area. You may also find the D2N2 website useful in identifying further potential routes to finance for your enterprisewww.d2n2growthhub.co.uk/access-to-finance
British Business Bank
The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. The Bank’s remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank programmes are already supporting almost 3.4bn of finance to more than 59,000 smaller businesses, through over 100 finance partners. They are participating in a further £5.8bn of finance.
The Midlands Engine Investment fund was recently launched by the Bank and will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses in the East & South-East Midlands to secure the funding they need for growth and development.
Skills Support for the Workforce (SSW)
Serco will work in partnership with the D2N2 Local Enterprise Partnership (LEP) to provide skills development that focuses on upskilling employees in key priority sectors as identified in the LEP’s strategic economic plan;
- Transport Equipment Manufacturing
- Life Sciences
- Food & Drink Manufacturing
- Visitor Economy
- Low Carbon
- Transport & Logistics
- Creative & Digital Industries
Through SSW, eligible businesses can benefit from funded training, tailored to their specific needs. Training is flexible and businesses can select full qualifications or mix and match individual units that are directly relevant to their work. Previous SSW programme participants have benefited from increased employee confidence, motivation and productivity and improved employee loyalty and retention.
Business participants will each benefit from a bespoke Training Needs Analysis that identifies requirements for upskilling or skills gaps in their workforce. Training for participant businesses could cover subjects such as IT and digital skills, leadership and management or more vocationally relevant courses.
The SSW programme in D2N2 also offers support and training for individuals at risk of redundancy or those who have been made redundant within the last three months.
Businesses can contact Serco on firstname.lastname@example.org or visit their website here for more details and to find out if they are eligible for funded training through Skills Support for the Workforce. See their leaflet here.