ASCEND
What is ASCEND ?
ASCEND is designed to assist in the most promising Derby businesses to prepare and implement growth plans, and where appropriate, support them in securing investment
ASCEND has three programmes for businesses to apply for:
ASCEND Growth Readiness
ASCEND Growth Readiness provides access to high quality multi-disciplinary business support, mentoring, coaching and technical expertise to support in the development of a detailed two-year growth plan.
Applications are being accepted from March 2021 to December 2022
Outcomes
- Completed growth plan which is ready to implement
- Periodic reporting of progress towards a completed growth plan and monitoring of its implementation over a 2 year period.
- A minimum of 2 new jobs must be created as part of the 2 year growth plan.
Funding
- Bespoke business support worth up to £20k.
- Fully funded support provided via subsidised advisory services.
- No match funding is available.
Eligibility
- Early stage company seeking to validate its product, target and organisational development
- Company has an ambition to grow by at least 20% per annum, increase staff and revenue significantly over the next 24 months.
- Growth plan must be completed and signed off within the timescale set by Ascend (typically expecting to be 3-6 months), followed by a 2 year monitoring period.
- Company has a Derby City location or is within 7.5 mile radius of Derby City and will commit to create jobs for Derby City citizens, graduates and/or students.
- Company has a Ltd, Social Enterprise or Partnership structure.
Application Process
- Application submitted which includes a detailed company background, management and business case
- Application is reviewed and if successful selected for preliminary support
- Preliminary support delivered by generalist Ascend Advisor, in preparation for a selection panel. Similar to type of due diligence and will include high level business plan assessment and growth/ investment potential and ambitions.
- Company gives presentation and preliminary support document to a selection panel
- Decision made by selection panel as to whether company can proceed to full readiness programme
For more information or to discuss the scheme further please email ascend@derby.gov.uk
ASCEND Investment Readiness
ASCEND Investment Readiness focuses on developing an investment case, in the form of an Investment Memorandum, which can then be used to begin meaningful discussions with potential equity investors.
Applications are being accepted from March 2021 to December 2022
Outcomes
A minimum of 2 new jobs must be created as part of the investment plan.
Funding
- Bespoke business support worth up to £35k.
- Fully funded support provided via subsidised advisory services
- The project must be match funded through private sector mechanisms (company reserves, banks HP etc.) The project can’t be supported with any other grants or government subsidy.
Eligibility
- Operational company that has validated its product, market and organisational effectiveness, and that is growing, has sustainable unit economics and seeking to grow faster.
- Company must have an ambition to raise external equity finance in the next 6-12 months. Operational for at least 12 months and is less than 12 months away from being investment ready.
- Investment plan must be completed and signed off within the timescale set by Ascend (typically expecting to be 3-6 months), followed by a 2 year monitoring period.
- Company has a Derby City location or within 7.5 mile radius of Derby City and will commit to create jobs for Derby City citizens, graduates and/or students.
- Company must have a Ltd, Social Enterprise or Partnership structure.
Application Process
- Application submitted which includes a detailed company background, management and business case
- Application is reviewed and if successful selected for preliminary support
- Preliminary support delivered by generalist Ascend Advisor, in preparation for a selection panel. Similar to type of due diligence and will include high level business plan assessment and growth/ investment potential and ambitions.
- Company gives presentation and preliminary support document to a selection panel
- Decision made by selection panel as to whether company can proceed to full readiness programme.
For more information or to discuss the scheme further please email ascend@derby.gov.uk
ASCEND Scale-up Growth Projects
Provides access to growth capital in the form of secured or unsecured debt to support growth projects.
Applications are being accepted from March 2021 to December 2022.
Outcomes
Job creation must be supported as an output of the capital investment project.
Funding
- There is a maximum 50% intervention rate against total capital project costs such as plant/machinery, land and building purchases or capitalised software.
- There is a minimum £20k loan (against total project costs of £40k), max loan is £240k (against total project costs of £480k). Expected terms to include staggered drawdown mechanism and repayment profile between 1-3 years.
- The project must be match funded through private sector mechanisms (company reserves, banks HP etc.) The project can’t be supported with any other grants or government subsidy.
Eligibility
- Must be an operational company that has validated its product, market and organisational effectiveness, and that is growing.
- Company must have been operational for at least 12 months and has a defined growth project/plan that requires funding.
- Loan to be fully drawn down within 1 year of original offer being made followed by a 2 year monitoring period.
- Company has a Derby City location or within 7.5 mile radius of Derby City and will commit to create jobs for Derby City citizens, graduates and/or students.
Application process
- Expression of interest submitted outlining headline details of the project
- Expression of interest reviewed. If approved, business is invited to complete a full application which must include a business case and supporting documents such as financials.
- ASCEND presents business case and supporting information on companies behalf to a selection panel
- Final decision made by selection panel
- If successful due diligence carried out to assess of the viability and deliverability of the project by the business.
For more information or to discuss the scheme further please email ascend@derby.gov.uk.