We are pleased to announce that one of our members ID Computing are one of three local businesses to receive support from the Derby Enterprise Growth Fund (DEGF). Congratulations!
The £20 million DEGF, part of the government’s Regional Growth Fund, is run by Derby City Council and aims to support growth and job creation in businesses through a mix of loans and grants.
A wide range of other applications from businesses in Derby and the surrounding area have so far received ‘in principle’ approval and are due to be announced in the near future creating hundreds of new jobs in a wide range of sectors.
Applications continue to be submitted, which are considered by a panel of business and financial experts, led by Derby City Council Leader, Councillor Paul Bayliss. Cllr Bayliss said: “We know that businesses are struggling to source the finance that they need to expand, develop new markets and create jobs. “The DEGF therefore plugs the funding gap and is proving to be the catalyst for growth that businesses so desperately need.
ID Computing required DEGF support for the further development and marketing of a new software package targeted at rail operators. The business was set up ten years ago by Ian Duffy who had previously worked for British Rail Research.
He has developed Trainscape which is currently on trial with train operators around the globe. The software gathers measurements from both track and train-based monitoring systems and can analyse a wide range of issues including fuel efficiency, driver performance and wheel faults – potentially saving operators thousands of pounds.
Mr Duffy said: “There has been a lot of interest in the software and I am currently following up a number of leads which I hope will come to fruition. “The support from DEGF is invaluable to help me to further develop and market Trainscape to rail operators.
“As with many small businesses nowadays, cash flow and funding continues to be an issue. This loan has therefore plugged the funding gap and given me the cushion to take time to concentrate on research and development and marketing which will be key to our future growth.”
Applications continue to be welcomed by Derby City Council for the Derby Enterprise Growth Fund. To find out more visit: www.derby.gov.uk/degf. Alternatively call 01332 641628 or email degf@derby.gov.uk
