Derby City Council has announced a £30 million investment in new businesses in the county as part of a wider economic strategy.
The plan is the latest in a series of initiatives announced in the past few weeks by Derby City councillors.
Council leaders said that with over 4,000 jobs now in the city and over £1 billion of new investment in the region over the next decade, it was imperative to ensure we had a strong base to launch new businesses.
The council announced plans to boost the number of new businesses by a further 6,000 and to double the number on site in Derby.
The new businesses will be supported by a new £5m economic stimulus fund to create thousands of new jobs, along with £15 million in capital funding to support the local economy and the community.
The investment comes as Derby City’s unemployment rate has fallen below 8 per cent, with the rate at 9.4 per cent in January.
The city is also the only one in England where the number in employment has declined over the past two years.
More: Derby City council said the plans will help it continue to grow its business sector and attract investment from around the world.
The Mayor of Derby, Paul Brown, said: “This investment will allow us to support new businesses and create hundreds of new good-paid jobs for the region.
Derby is now one of the fastest growing cities in the country, and with over £8 billion of investment over the coming decade, Derby City is poised to become the next big city in the UK.”
Mr Brown said the investment would be welcomed by Derby residents and business owners.
The government announced plans for Derby to become a Global Business Leader in 2020, and has committed to invest £200 million to create new businesses, new housing and a new school in the area.
The Government said that the new businesses would create more than 10,000 good-paying jobs across the region, and will also help boost the local business sector.
The announcement comes as the Derby County Council has unveiled plans to launch a new business to help local businesses survive the economic crisis.
The £30m investment in a number of business areas in Derby will be funded by an economic stimulus package of £15m.
The city council said it had already invested £25m to support business, but said it would invest another £25 million to build a new office building in Derby which will allow the council to create over 1,000 new jobs.
The Derby City Business Development Council said the project would create around 250 jobs and £40 million in economic activity.
The mayor of Derby said the council had made the investment to give Derby City the chance to grow and thrive and to provide a home for some of the most promising businesses in town.
He said: ‘The government has announced that it has committed £10m to help the city create 1,500 jobs, and that we are already investing £25million in the new office, and a brand new office for Derby City.’
It is a great opportunity to support our local business, and it will give Derby the chance it needs to attract new jobs and help build our economy.’
The city has already invested in more than 50 projects in the last 10 years and I am confident Derby is ready to deliver on this investment and support the growth of Derby City.’
Councillor Mark Wylie said the government had done well to provide jobs for Derby’s growing business sector, and welcomed the investment in business.
He added: ‘This investment has allowed Derby to be the best place in the Midlands to work in the world and to be successful.’
This will be a huge boost to the local community and I look forward to the opportunities that this investment will bring to the city.’