Ascend
What is Ascend?
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.
To find out more about Ascend, download and complete the Expression of Interest form or email us at ascend@derby.gov.uk. 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 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.
Visit our Case study page to find out how local businesses have benefitted from Ascend.
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. Just fill in the form.
- 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.
Case study: Project D - food manufacture
Project D is an award-winning artisan doughnut bakery based in Derby. It was founded in 2018 by three friends who share a passion for food and a mission to create the ‘world’s best doughnut’. After selling their handmade doughnuts at small local markets and events they opened their first retail outlet in Derby's intu centre.
The challenge
By early 2020, Project D was selling thousands of handmade doughnuts a week and planning to extend its product range and outlets. Then the country went into lockdown, sparking some very challenging trading conditions. The business model changed to a delivery and pop-up sales service, as well as supplying essential goods to those in need during a national shortage.
The founders approached the Ascend programme for support and advice in growing their business. They had learned a lot in setting up the business but were unsure how to move to the next step. The directors were confident that, with the right support, they could capitalise on what they had already learnt, significantly expand and create sustainable jobs in Derby.
The Ascend effect
Ascend advisers worked with the Project D directors to focus on long-term plans for the business and a strategy to achieve them. This led to the implementation of robust accounting procedures and financial projections alongside production and supply chain efficiencies, allowing the business to forecast and plan for growth more confidently.
As the Ascend support progressed it became apparent that HR recruitment advice was necessary to attract new talent as well as strengthening the existing culture and development of the management team.
The result
The company moved into a larger brand new unit allowing them to significantly increase capacity. They installed a new piece of equipment with the capacity to make 300,000 sweet treats a week and tripled production. The expansion has allowed the company to operate 24 hours a day, extending its home delivery routes nationwide an undertaking that required an additional 100 new members of staff. The supply chain is now more secure, leading to far fewer shortages.
The directors recognised that the Ascend Programme enabled them to successfully navigate this period of rapid growth, as well as providing firm foundations and expert advice to maximise the opportunities for further growth leading to additional investment and job creation in Derby.
Co-founder Jacob Watts said:
The advice and support we’ve received from the Ascend programme has been superb. We really appreciate the knowledge and wisdom of our advisers who have enhanced us as business owners.
They told us the truth, and gave us hope and reassurance, which allowed our project to become a well-rounded, structured and secure business. We have metaphorically raised the bakery’s roof.
Contact us
If you have any questions about the ASCEND programme or want to submit an expression of interest form please email us at Ascend@derby.gov.uk