MORE than £1.3 million of cash to help Derby businesses has been agreed in principle.
The cash, expected to create 150 jobs, has come from The Derby Enterprise Growth Fund, run by the city council, which was worth £20 million.
Central government decided to put its hand in its pocket for the cash in the wake of the hammering that Derby's economy took in 2011 when Bombardier missed out on the Thameslink deal, internet bank Egg upped sticks and Celanese Acetate drastically scaled back its operation in Spondon.
Now the city council has announced that it has agreed in principle the first round of funding from the fund.
Successful applicants to the fund include engineering, media, textile manufacturing and material testing companies.
They are not only within Derby but in areas outside the city including Ripley and Somercotes.
But the city council says it is not yet able to confirm the firms' identities.
The funding awards are a mix of loans and grants from £10,000 to £200,000 and are to be used for a variety of projects which include building, extending, updating or moving to new premises through to providing new equipment and machinery.
City council leader, councillor Paul Bayliss, said: "We have had some strong applications to the Derby Enterprise Growth Fund and are pleased with the tremendous response from the business community.
"These funding awards approved in principle, will create jobs, enable businesses to grow and impact positively upon the local economy.
"We want to hear from all businesses in or around Derby that have a project that will enable them to grow, however we have a limited time to spend this cash to support businesses so now is the time to grasp this opportunity. I'd urge businesses to visit our website to find out more and apply".
Applications are welcomed by the council on a rolling basis until March 2015.
Businesses can visit www.derby.gov.uk/degf where they can find out more, download the application form and guidance notes.
They can also get help with any enquiries on Derby 641628 or email defg@derby.gov.uk
