Company Financial Assistance Available in NE Derbyshire

  

Listed below are some of the financial assistance schemes which may be available to companies currently based in, or relocating to, North East Derbyshire

 

 

 

 

As some of the North Midlands is a former coalfields area this allows businesses in the ex mining communities access to a commercial venture capital fund known as the Coalfields Enterprise Fund.  This fund aims to support the growth of business and encourage entrepreneurship in former coalfield areas.  It has £20,000,000 to invest to finance new start companies, expansion of existing businesses, acquisitions and mergers, and buy-outs buy-ins.  For further details including advice on what areas of the North Midlands are eligible visit http://www.coalfields-enterprise-fund.co.uk/ .

 

 

GBI is designed for businesses that are looking to make a capital investment but need financial help to go ahead. The scheme is discretionary and normally takes the form of a grant. This support helps fund new investment projects that lead to long-term improvements in competitiveness, employment, productivity and skills. To qualify, investment projects must meet certain criteria. These scheme criteria are straightforward and relate to location, need, the size and type of your business, the nature and size of your investment, viability, and the quality of your project (particularly in terms of productivity and skills).

 

In addition, the East Midland Development Agency (emda) is particularly interested in discussing investment projects that meet some of the regional priorities that are outlined in the East Midlands’ Regional Economic Strategy (RES), ‘A Flourishing Region’.

 

For more information on criteria, how much you can apply for and how to apply, visit the GBI mini site on the main emda website

 

The East Midlands Early Growth Fund is a £5,000,000 venture capital fund that has been set up to invest in start-up and early-stage businesses based in the East Midlands that can demonstrate real growth potential.  E-Synergy has been appointed as the Fund Manager and will make all investment decisions.  In particular, they will be looking to invest in companies with strong business plans and management teams who have identified a clear product and route to market.  Specifically the fund is specifically looking for companies who have clear growth potential and can successfully utilise an investment of between £20,000 and £200,000.  The fund will take an equity stake in return for its investments.

 

The fund’s investment must be matched by investment from the private sector on the same terms.  The fund’s investment cannot be less than that of the private investor’s, however it may be less.

 

Start-up businesses can receive investment of between £20,000 and £200,000.  Typically the first tranche will be around £50,000, with the remainder of the investment drawn down as the business achieves set milestones.

 

Early stage businesses can receive investment of up to £50,000 to achieve some specific goals or milestones.

 

Contact: East Midlands Early Growth Fund, telephone 01327 856 032 or visit their

 

A charity which helps young people start up in business by offering low interest loans and grant aid.

 

Working in North Derbyshire the Prince's Trust will continue to offer Prince's Trust Start Up and Prince's Trust Development Awards programmes.

 

The Enterprise Accelerator Start Up programme, however, is unique to the area.  The project funded by the Alliance Sub-Regional Strategic Partnership (ASSP) and Coalfields Regeneration Trust (CRT) is designed to encourage enterprising behaviours, stimulate economic growth, prevent migration of skills and business talent and give young people, 18-30, the opportunity to set up and develop their own business from premises in the area.

 

In North Derbyshire (Chesterfield, NE Derbyshire, Shirebrook and Bolsover) there is a target of 8 Enterprise Accelerators and around 32 start ups with the Prince's Trust.

 

To access the support and funding they must be:

 

 

This is dealt with on a case by case basis because The Prince's Trust is a last resort funder.

 

They are able to access the following support:

 

 

Jonathan Dawson, Project and Business Support Manager, The Prince's Trust, Mansfield Business Centre, Ashfield Avenue, Mansfield, Notts NG18 2AE
Tel: (01623) 404251

 

Website:  Prince's Trust

 

 

By providing a government guarantee against default by borrowers, the scheme encourages high street banks and other financial bodies to lend to new or existing small businesses.

 

Loans are for two to ten years, with a minimum loan of £5,000 and a maximum of £100,000 for new businesses and £250,000 for businesses which have traded for more than two years.

 

Small firms with viable business proposals which have tried and failed to obtain a conventional loan, may be able to obtain finance.

Business Link 0845 058 6644 or email emailinfo@businesslinkem.co.uk

 

 

Derbyshire First Investments makes venture capital investments in companies based in, or about to relocate to Derbyshire, or the surrounding area.

 

A minimum investment sum of £50,000 up to £250,000 and the organisation would  
preferably look for a realisation after 3-5 years.

 

A minority holding of ordinary equity capital is a prerequisite, but preference shares and loans are also put into mixed funding packages, designed to meet individual company needs.  Companies with a track record of profitability and with general growth prospects are favoured.  The quality and experience of the management team are key factors in the assessment of investment proposals.

Derbyshire First Investments 
Tel: (01246) 207390        
Website