Latest News | 24 February 2021
New £500k manufacturers fund welcomed
Measurement business Devtank has welcomed a new £500,000 fund backed by D2N2 Local Enterprise Partnership to help small and medium manufacturers grow and create new jobs.
The Manufacturing Growth Programme, which has already supported over 600 companies in other parts of the East Midlands, has agreed a deal with the LEP to provide specialist assistance to firms in Derbyshire and Nottinghamshire.
Under the scheme company bosses can access a dedicated manufacturing growth manager and apply for grants of up to £10,000 to support a third of the total cost of a business improvement project.
The scheme, which is funded by European Regional Development Fund, is open to manufacturers with less than 250 staff or have a turnover below £36 million.
Among the companies who have welcomed the support boost is Devtank, which is based at Mickleover.
The open-source test and measurement business currently supplies clients in defence, green energy, space and telecoms and has developed a range of products that help businesses automate their production testing and smart monitoring solutions.
Chief technical officer Tim Telford said: “We are scaling rapidly and just about to launch a dedicated product page/e-commerce shop on our website, not to mention looking at ways where we can maximise our recent approval as a design partner for the Raspberry Pi Foundation.
“The Manufacturing Growth Programme coming to this region means the right support will be available for us at the right time and I’m sure it will be beneficial to many other local businesses at this time of real need during the Covid-19 recovery phase.
“Having access to dedicated manufacturing support is essential in helping us thrive.
“The last few years has seen us develop a number of new products and we have reinvested every last penny and more into the business.
“Being able to secure grants and specialist external assistant to capitalise on this investment is great news and will enable us to take the next step.”
Frank Horsley, head of business and innovation at D2N2, said: “We are delighted to support the extension of the highly successful programme into our region.
“Manufacturing remains the historic bedrock of the D2N2 economy. If we are to transform into a more competitive, but greener economy, our manufacturers will need support to embrace the challenges of industrial digitalisation and net zero so that, similar to the first industrial revolution, we can lead the world.”
To find out if your business is eligible for support please click here.
