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Derby Enterprise growth fund opens new doors for local business

climadoor 1A Derby company is forging ahead with the national launch of an innovative range of energy efficient bi-folding doors, thanks to a grant and loan package from Derby Enterprise Growth Fund.

Vibrant Doors, based in Sinfin, has developed the new CLIMADOOR range of internal and external folding door systems for residential properties. It uses specially constructed timber and glass for superior thermal efficiency on its external folding doors, and a wide range of internal folding doors to divide rooms.

The company has received a £40,000 grant and £100,000 loan towards its £300,000 development programme.

This will support the development of a new e-commerce website, industry certification, improvements to the showroom and the creation of four new sales and administrative staff.

Vibrant Doors owner John Shaw explained: “Without the DEGF support, it would have taken us three or four years to bring this new product to market but we have been able to bring this new product range to market in just 12 months.

“We have built up a solid customer base for our range of high quality exterior and interior doors for both the trade and retail since launching two years ago.

“The house building market is really picking up now and the introduction of the CLIMADOOR will enable us to capitalise on that growth.

“This is a fantastic high-spec product range which we are confident will quickly become a market leader in bi-folding doors.

“Its launch will take the business to the next level and enable us to move onto the next stage of our growth with larger premises.

“We are therefore extremely grateful to Derby City Council for their support in this project in a climate where it is extremely difficult for young SMEs to secure funding to achieve growth.”

The £20 million Enterprise Growth Fund (DEGF) which is run by Derby City Council.  DEGF is supported by the Government’s Regional Growth Fund.  It aims to provide a catalyst for growth and job creation in businesses in the city and surrounding area through a mix of loans and grants.

Derby City Council Deputy Leader and Cabinet Member for Planning, Environment and Regeneration Cllr Martin Rawson chairs the DEGF panel of industrial and financial experts who consider business applications.

He said: “Having just celebrated the second anniversary of Derby Enterprise Growth Fund, I am saddened that businesses are still telling us just how hard it is to secure finance from traditional high street lenders which could potentially cripple their growth plans.

“The DEGF grant and loan package has provided much needed support to help Vibrant Doors to bring their innovative new product to market with potential for national and international customers and create more local jobs for local people.

“As 55% of the £20 million DEGF has been allocated to businesses in Derby and the surrounding area through loans, the repayments from businesses such as this will effectively be recycled to support applications from businesses in the future.

“Money invested now will therefore continue to provide a vital catalyst for growth amongst the business community for many years to come.”

Due to the unparalleled success of the Fund in making loan investments rather than simply distributing grant payments, the Fund will be available to support businesses for years to come.  To find out more visit: www.derby.gov.uk/degf . Alternatively call 01332 641628 or email degf@derby.gov.uk

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