Derby businesses urged to apply for innovation and growth grants

Derby businesses are being urged to apply for innovation and growth grants and a host of other support currently on offer under the Derby Accelerator project.

The project, which started last autumn, and which is funded by UK Government through the UK Shared Prosperity Fund, is already making a tangible difference to the city’s business community. So far, 371 businesses have received an hour or more of business adviser support, with 25 successfully applying for grants and 19 being awarded growth vouchers. Participating businesses have signalled that 50 jobs will be created as a result, with a further 19 safeguarded.

The Accelerator project is made up of five strands: 

• Start-up Accelerator for individuals seeking to set up in business
• Net Zero Accelerator providing access to free energy audits and training
• Digital High Street Accelerator including brokerage to the nationally funded Made Smarter Programme and its digital technology specialists
• Innovation Accelerator providing intensive support to high-growth businesses
• Financial Accelerator providing growth vouchers of up to £2,000 towards specialist training or consultancy advice as well as grants of up to £2,499 towards start-up costs and between £2,500 and £20,000 towards innovation and growth

Businesses benefiting from Accelerator grants include Derby Uncovered in the Cathedral Quarter, a local heritage centre that promotes Derby and Derbyshire. Based on Sadler Gate, it opened its doors in February. One of the biggest challenges for this community interest company has been the lack of footfall in the Cathedral Quarter. A high street grant from the Derby Accelerator project enabled the business to make alterations to its shopfront including the addition of barriers for their café seating area and a digital screen to promote tours even when the centre is closed. 

Derby Uncovered Managing Director David Turner said: “We’re very grateful for the support. Chamber Business Adviser Steve Phillips was invaluable in terms of helping and guiding us through the process and it’s something that I’d recommend other business get in touch about. Our shop front now attracts more customers into our premises which in turn leads to more revenue.”

East Midlands Chamber Deputy Chief Executive Diane Beresford said: “The Derby Accelerator project is already paying dividends to businesses, whether it be through grant funding or access to innovation and other expert training and consultancy. Whilst the project is not due to end until 31st March 2025, funds are likely to be fully committed before then. I would therefore urge any Derby business that hasn’t already been in touch with the Chamber to do so as soon as possible to discuss any potential projects.”

Derby City Council Leader and Councillor Nadine Peatfield, Leader of Derby City Council and Portfolio Holder for City Centre, Regeneration, Culture and Tourism said: "Getting access to the right funding can make all the difference for a growing business, which is why this project is invaluable. These loans and grants are here to help local businesses innovate, expand, and thrive.

“By tapping into these resources, you’re not just investing in your own success – you’re also helping to drive our city’s economic prosperity.”

Businesses interested in signing up for Derby Accelerator support or applying for a business innovation and growth grant can do so by completing the Expression of Interest by clicking here.