Economit secures second DEGF grant
Wed, 26th November 2014

Economit secures second DEGF grant

Derby IT firm Economit has secured a second grant from the Derby Enterprise Growth Fund (DEGF).

The business was awarded £23,100 form the Derby City Council-run programme to further its expansion.

It follows a £7,466 package earlier this year, which allowed Economit to move into a new office on St Michael's Lane and recruit a project support coordinator.

The company will use the latest capital injection to hire a development manager and a technical specialist.

Co-founder Mike Donoghue, who set up the business with Nick Gall in 2011, said: "The original DEGF grant has made a huge difference to the growth of our business.

"Our business model is very different to the reactive nature of IT support and our customer portfolio is growing rapidly. Having just completed our third year, we forecast 50 per cent growth this financial year.

"Cash flow is however an issue for all growing businesses and increasing the head count is a significant but vital expense for businesses in their early days."

The £20m DEGF government’s Regional Growth Fund.

category Midlands  |  source Insider Media