Firms urged to apply for new grants and loans to boost growth

Companies in Derby are being encouraged to apply for loans and grants from a business support programme, funded and administered by Derby City Council.

Ascend is a £5 million scheme designed to help Derby companies innovate and expand.

It aims to support ambitious local companies to develop and implement growth plans and secure investment.

The team behind Ascend is now calling on SMEs based in Derby to come forward and talk to them to find out how the scheme can benefit them.

Firms who have been trading for at least a year and are liable for business rates, can apply for grants and loans from Ascend.

It is offering grants of between £5,000 and £35,000 and loans of between £10,000 and £200,000.

The money can be used for capital and revenue expenditure, which would lead to the creation of new jobs.

Successful applicants must meet certain criteria in order to qualify for financial support.

For example, applicants must demonstrate that the business plan is realistic and likely to succeed.

The cash must be necessary for the business to grow, and applicants must be able to prove that the business as a whole will have a promising long-term future after receiving a grant or loan.

The money cannot be used for everyday business expenses. It must be ‘new spending’ – and used for investments, such as product innovation or larger premises.

Ascend was initially launched in 2021 as part of the city’s coronavirus economic recovery strategy – devised to ensure that Derby can build back successfully after the Covid-19 pandemic.

However, the scheme has since evolved – and is now hoping to supercharge the growth of the city’s SMEs.

To find out more about the Ascend grants and loans visit https://www.derby.gov.uk/business/business-support-advice/ascend/#page-1 .