Leaders in Derby have announced plans for a £5 million growth fund to help businesses expand and take on more staff following the coronavirus crisis.
According to Derby City Council, it will be used to invest in “innovative” growth plans that can create high-quality employment, help diversify the local economy and encourage low-carbon technologies.
The need for more support to help firms launch new products and services and develop new production processes was identified by Derby’s Economic Recovery Task Force, a public/private sector partnership set up to plan the city’s recovery following the impact of the coronavirus crisis.
It followed discussions with company bosses, business organisations and a survey of hundreds of local small and medium-sized enterprises.
The fund was announced following a visit to the city by Secretary of State for Housing, Communities and Local Government Robert Jenrick.
Last week, Mr Jenrick met with members of the recovery task force to discuss bids made to his department for millions of pounds to support various projects which could create new jobs and boost the local economy.
Councillor Chris Poulter, leader of Derby City Council, said the authority was keen to provide targeted support for initiatives to create new jobs, encourage diversification and promote clean growth and, subject to council approval, £5 million would be made available from existing resources to launch the initiative.
Efforts are also being made to try to identify further funding partners to grow the total amount available for further investment.
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Councillor Poulter said: “We are working hard to bring new investment and employment into the city. We also want to support existing businesses who have the opportunity to grow and take on more staff.
“Derby has a rich history of innovation and it is that creativity and dynamism that we want to help harness as we face the economic challenges presented by coronavirus head-on.”
Councillor Poulter described the discussions with Mr Jenrick as “very positive” and thanked the minister for making time to understand the city’s recovery strategy in detail.
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He said: “We are already working hard with our partners to reset our economy.
“We have announced our intentions to develop a new city centre performance venue.
“We are supporting private investors who are committed to developing schemes worth more than £500 million in Derby and we are working in partnership with central government on initiatives like Our City Our River, which will see £10 million spent on creating a new city centre park and freeing up land for homes and industrial development through flood alleviation measures.”