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: “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.