Ascend

What is Ascend?

Thank you for your interest in the Ascend Programme. As part of the Council’s annual Medium Term Financial Planning, all uncommitted budgets are being reviewed and we are not able to accept any new applications until the budget has been set.

Ascend offers grants and loans to eligible small and medium sized businesses (SMEs) that are based within or relocating to Derby.

Ascend is managed by the Economic Growth team at Derby City Council and has been allocated £5m of funding to help businesses grow and stay successful for years to come. The objectives of the Ascend fund are to:

Bring more investment into the area to help businesses grow and create new jobs.
Provide financial help for businesses to overcome challenges that might stop them from creating jobs or expanding.
Help businesses to introduce new technology and increase turnover and profitability.

Ascend has three programmes for businesses to apply for:

Growth Grants (up to £35k grant 35% intervention rate)
Debt Fund (up to £200k of loan funding)
Reactivation of empty units (up to £100k grant 50% intervention rate)

Who can apply and what do you get?

Your business must:

be located within Derby city boundaries.
have been trading for at least one year.
be a small or medium-sized business.
be liable for business rates or in a commercial shared workspace in Derby city
be a limited company.

Ascend Growth Grants

Grants are available to help reach your businesses growth potential. These grants are not survival or for everyday costs. You will need to demonstrate what opportunities this one off ‘project’ will unlock for you.

£5k minimum.
£25k maximum
Up to 35% intervention rate.
2% arrangement fee on grant value.
Remaining project costs must be financed through the private sector.
The project must demonstrate how it unlocks growth (can’t be used for everyday costs).
Can be used for capital and revenue expenditure.
Job creation required.

Ascend Growth Loans

Loans are available to help reach your businesses growth potential. These loans are not survival or for everyday costs. You will need to demonstrate what opportunities this one off ‘project’ will unlock for you.

£10k minimum.
£200k maximum.
Can be used for capital and revenue expenditure.
2% arrangement fee of the loan value.
No intervention rate.
Job creation required.
Loans will be provided at various rates depending on the creditworthiness of the applicant and the level of collateralisation.
The loan is usually offered over a three-year fixed term.
The base rate is calculated in accordance with the central commission reference rate which is updated regularly. This rate is then added to the loan margin.

Vacant to Vibrant Grants

Funding is available to reactivate empty commercial units focused around the Cathedral Quarter and Becketwell area of Derby.

Ascend application process

Expression of interest – We ask for some high-level information about your business and growth ambitions to check you meet the programme criteria.
Full application – If your Expression of Interest meets programme criteria, we will ask you to complete a full application. This is a more in-depth document asking for information about your business to help us get to know your business and growth plans.
Panel summary – this is a report which we will put together on your behalf put together to support your application for a panel decision. The panel summary validates the application and provides recommendations on the support that Ascend may offer.
Panel – application decisions are made by an independent panel. The panel usually sits bi-monthly.
Due diligence – We’ll do some research on your business for all debt applications and grant values above £35k. This can take up to six weeks. It’s also the part of the process where the interest rate is assessed and final terms are agreed upon.
Contracting – grant agreements for any advisory support can be drawn up shortly after an approved decision from the panel.
Drawing down the funds
- For grant support, the funds can be drawn down in arrears (meaning that the business will need to submit an invoice and payment evidence of that invoice).
- For debt funding, the funds can be drawn down within three months of the loan agreement being signed by both parties.
Monitoring – we know you will be busy growing your business so we will try to keep this as light touch where possible. We will be interested in following your business' growth to capture any key outputs, such as job creation and investment raised.