24 September 2013
24 September 2013
epm: technology has been awarded a £4.75 million loan through the Derby Enterprise Growth Fund (DEGF) which secured funding from the Government’s Regional Growth Fund.
The company says this is the first major project to be supported through DEGF which is a £20 million fund, run by Derby City Council, to support the growth and job creation at small, medium and large size businesses through a mix of loans and grants.
epm:technology explains the support from DEGF will enable the business to drive forward its ambitious plans to develop a bespoke state-of-the-art £6 million manufacturing, research and development centre in Raynesway, Derby, UK and invest in new manufacturing equipment which will ultimately result in the creation of at least 84 new jobs.
When complete, the company claims the new centre, which is earmarked for completion by Easter next year, will span more than 50,000 sq ft - more than doubling the size of the company’s existing Victoria Road site.
Managing Director Graham Mulholland explained that by helping to fund his development, the DEGF support now enables his company to further develop into new customer markets including aerospace and spearhead further activities within the automotive industry
He said, “I am hugely delighted that Derby City Council has had the foresight to bring the Derby Enterprise Growth Fund to the city and is supporting us in our ambitious growth plans.
“We are a high performance company which does not fit into the high street banks’ lending criteria and have therefore struggled to secure the necessary funding to move forward with our plans.
“Derby is a city that is going places and a centre of excellence for high performance engineering and I am delighted that the next chapter in this business’s story will be at the heart of that success.”
Derby City Council Leader, Councillor Paul Bayliss, said: “epm: technology is a perfect example of what we set out to do with this programme – to enable innovative businesses to grow and create a wide range of jobs particularly in the planes, trains and automotives sector for which Derby is famous around the world..
“The size of the loan reflects the calibre and high-tech nature of the jobs created which are much needed in the city and the added value that epm: technology will bring to the city in many ways including links with the University of Derby.
“By supporting the business through a loan – we will plough back the returns into the DEGF which will in turn be used to support other businesses who apply.”
Photo provided by epm:technology.
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