A Ripley firm that makes road-surface testing equipment has received a £72,000 grant towards a research and development project.
Cooper Research Technology, of Peasehill Road, is one of three businesses to receive support from the Derby Enterprise Growth Fund (DEGF) – enablingit to create four new jobs.
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. Cooper Research Technology is the UK’s leader in the design and manufacture of high performance asphalt and Tarmac testing equipment, which it exports worldwide.
Managing director Peter Grafton said: “We are growing our international markets all the time and this development programme is key to our further expansion.
“It is extremely difficult to source funding from high street lenders for research and development so the grant support from DEGF has been crucial to make these expansion plans a reality.
“Our business is a perfect fit with DEGF being a manufacturing SME offering a strong skills set in the engineering sector, which is the life blood of the local economy.”
The DEGF grant will support a £240,000 research and development programme to design new asphalt testing equipment for the civil engineering industry. Positive ID Labelling in Castle Donington has received a £128,700 grant towards expansioncreating at least six jobs. Thirdly ID Computing, based at the Railway Technical Centre in Derby, has received a £14,000 loan for research and development leading to future job creation.
The DEGF is a £20 million finance scheme. To find out more about it visit: www.derby.gov.uk/degf or call 01332 641628 or email firstname.lastname@example.org.