Invest to Grow Impact Assessment Report

Invest to Grow currently provides grants and loans of between £15,000 and £250,000 to support East Midlands based private sector businesses to deliver projects focused on growth and job creation. The programme is governed and managed by the University of Derby, with investment decisions approved by a separate Strategic Investment Panel (SIP).

Each project must cost at least £50,000 in total, with applicants usually required to provide private sector match funding for a minimum of 80% of the total project costs. Funding can be utilised for various types of expenditure including purchase of land and buildings; refurbishment, fit-out and/or adaptations of land and buildings; plant and machinery costs; equipment costs; and product development costs.

In line with the requirements of the programme’s original funding from the Regional Growth Fund (RGF) and its funding from the European Regional Development Fund (ERDF), each project has an agreed target relating to the creation or safeguarding of jobs.

Focus of the Evaluation

This report provides an impact evaluation of the programme covering the period from its commencement in late 2014 through to winter 2023.

Identify core expenditure and delivery inputs to the programme across its lifetime
Detail core outputs, including the number and type of businesses supported, funding awarded, funding leveraged etc.
Understand the core quantitative and qualitative outcomes and impacts achieved by businesses
Analyse the programme’s impact for the University of Derby
Assess the contextual environment across the lifetime of the progamme, and how it responded to this
Review the effectiveness of the Invest to Grow delivery model and how this influenced the programme’s impact
Highlight general lessons learnt and good practice emanating from the programme, with a view to informing future direction

Key Success Factors

Invest to Grow demonstrates wide-ranging strengths, including significant benefits to participant businesses, the University of Derby and the regional economy. A summary of its key success factors is provided below.

Significant benefits to businesses and the East Midlands economy

Over 300 projects receiving financial support, enabling growth via more than 2,500 job outcomes, productivity increases estimated at c£9m, and an estimated £63m net (£122m gross) GVA generated or safeguarded.

Sustainable, unique and consistent offer for businesses

Invest to Grow has remained open for business during an extremely challenging period, regarding both external economic challenges and policy change – offering competitive and accessible financial support.

Widespread benefits to the University of Derby

Providing a key conduit for increased business engagement, contributing to key University performance indicators and strategic priorities, and the delivery of reputational benefits.

Longevity and consistency

Invest to Grow has maintained a consistent programme team and Strategic Investment Panel (SIP) over its 9-year lifetime to date, not only enabling ongoing improvements and process maturity, but also a longer-term approach to investment decisions.

Robust approach to decision making

Robustness enabled by a skilled and diligent programme delivery team and an expert Strategic Investment Panel – leading to positive progress by projects, a low failure rate and a very low loan default rate.

Skilled and experienced programme management function

Invest to Grow benefits from an expert programme management function which provides significant potential for ongoing programme development.

Flexible approach to business support

The programme’s longevity, alongside its management competency, has enabled a personalised and flexible approach to delivering financial support - whilst at all times maintaining full compliance with funding rules and state aid legislation.

Substantial private sector leverage

On average, for every £1 in grants awarded, £10 is invested by the private sector – the programme has played a significant leveraging role, particularly increasing the speed and scale of growth.

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