FC Cartons has been awarded significant funding through Derby Enterprise Growth Fund’s (DEGF) Enterprise Expansion Scheme. DEGF, which is part of the government’s Regional Growth Fund, was launched in December 2012 with the aim of supporting the growth of a wide range of small, medium and large size businesses in Derby and the surrounding area.
The funding will support our three-year recruitment plan and enable us to invest in new machinery, site and building infrastructure to increase our production capacity. We aim to generate a total of 12 jobs by April 2017 – seven of which will be in place by April 2014, with another five to come by 2017 as part of ongoing developments.
We are understandably delighted to have secured the funding from Derby City Council. This shows that the Government recognises the importance of FC Cartons and the support that our highly skilled workforce provides to companies throughout the UK. Our customers expect the very best in terms of our services. This requires significant investment in new employees and equipment. The grant will help us expand rapidly to meet the increased demands of our growing customer base. Vince Cable, Business Secretary, underlined the importance of the Government’s support and said, “We need growth that is more evenly balanced across the country. That is why we are supporting manufacturing centres like Derby through the Regional Growth Fund with £40 million funding which is expected to create around 3,000 jobs by 2020.
“This will stimulate business investment, particularly in the engineering sector, and give Derby a real opportunity to establish itself as an important place to do business.”
DEGF is a £20 million finance scheme offering grants, structured loans and equity investment to Derby businesses. The fund focuses on generating innovation, expansion and investment in enterprises, with the key objective of creating jobs.