Funding and Grants
There is a range of funding and grants available for businesses in Chesterfield and North Derbyshire. This page will keep you up to date with the latest grant and incentive schemes.
Details of the latest funding and grants support for the coronavirus pandemic is available here
NBV Grant for Enterprise
Aimed at existing SMEs, the grant has been developed to support both capital and revenue funding for business to business focused enterprises. (It now also provides support for those businesses engaged in providing a service direct to the consumer). Grants are available for between £1,000 and £2,500 up to 25% of eligible costs. Minimum project value is therefore £4,000. To apply businesses must initially complete an Expression of Interest.
D2N2 Business Investment Fund
The Growth Hub has an exciting new asset to add to the portfolio of support available to D2N2 businesses in the form of an investment fund.
Who can access the fund and what is it for?
The D2N2 Business Investment Fund is available to support small and medium sized enterprises with projects that will directly improve their productivity, efficiency or job creation. The fund will support projects such as digital developments, specialist consultancy and equipment purchases.
It is important to note that only applications that clearly show a step-change in the business activity will be supported. This grant will not support ‘new-for-old’ replacements.
What value is available?
Grants of between £3,500 and £20,000 are available and will contribute up to a maximum of 35% of the project costs.
There are a number of alternative funding options available within D2N2 and the D2N2 Growth Hub will work with you to establish which solution best meets your business needs.
How do businesses apply?
Applicants will need to adhere to a financial assessment, provide quotes for purchases and must defray expenditure before claiming the grant.
For further information and to apply for a grant please contact the D2N2 Growth Hub on 0333 006 9178 or email email@example.com where you will be allocated to a Business Adviser to discuss your project.
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:
D2 Enterprise Growth Fund
This grant fund is available across the whole of Derby and Derbyshire. The funds aim to provide the minimum level of funding necessary for a project to take place, normally up to a maximum of 30% of the total project costs and £20,000 minimum (roughly a £67,000 project). Funding is provided on the understanding that roughly £10,000 of grant will be offered per new full-time-equivalent job created. Further information can be found on their website here http://www.derby.gov.uk/business/business-support-advice/degf/
Invest to Grow Information
Invest to Grow is a programme designed to support private sector businesses, predominantly in the form of loan funding, to grow and create jobs.
Grants or loans – according to the needs of the business – are available for up to 30% of the cost of investment to help create long term sustainable job growth. The business has to find private sector funding for at least 70% of the project cost.
Minimum award size is £15k, so the minimum project cost is likely to be £50k. Maximum award size is £250k (with a project of £833,333) although higher awards can be considered for projects which offer exceptional value for money.
The programme is aimed at priority growth sectors such as Transport Equipment Manufacturing, Life Sciences, Construction, Food & Drink Manufacturing, Logistics, Low Carbon and Creative Industries.
Further information can be found here https://www.derby.ac.uk/business-services/access-to-funding-invest-to-grow/
British Business Bank
The British Business Bank may well be able to equip you with further ideas around possible funding choices and their impact on the enterprise. They can be found here https://www.british-business-bank.co.uk/finance-hub/
Midlands Engine Investment Fund
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 invests 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.
Marketing Peak District & Derbyshire Visitor Economy 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.
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
Your accountant or financial advisor may also be able to advise you of funding and grants available to your business. If you are looking for support you can view our list of financial service businesses here.