The Derby Economic Recovery Task Force, of which the Cathedral Quarter BID is a proud partner, have announced their intention to launch a £5m growth fund to help businesses expand and take on more staff following the coronavirus crisis.
The fund 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. This will be a key pillar of a wider recovery strategy to reboot the local economy and ensure that Derby emerges strongly post COVID-19.
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 following discussions with company bosses, business organisations and a survey of hundreds of local small and medium-sized enterprises.
News of the fund was announced during a visit to the city by Secretary of State for Housing, Communities and Local Government Robert Jenrick.
Mr Jenrick met with members of the recovery task force and was told that work was already underway to maintain business confidence, diversify the economy and decarbonise the city.
During a tour of Derby’s iHub innovation centre, the minister heard how support was being provided to find new employment for workers facing redundancy because of the crisis and was briefed on how Derby Market Place is being transformed into an exciting eating, drinking and performance area to encourage visitors and boost local hospitality businesses.
Discussions also took place on bids for millions of pounds of funding that the city has made to Mr Jenrick’s department to help the city build back better and differently.
These include a project to establish a £20m advanced manufacturing research centre at Infinity Park and a regeneration package of over £20m to develop an exciting future use for Derby’s historic Market Hall, build offices and create new public space in the city.
Efforts are also being made to try to identify further funding partners to grow the total amount available for further investment.