Grants to grow your Business Sue Tilley Economic Growth & Investment Manager LLEP.
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Transcript of Grants to grow your Business Sue Tilley Economic Growth & Investment Manager LLEP.
What is the LLEP?
• LEPs introduced by Government through the Localism Act
• LLEP is one of 39 national LEPs formally recognised by HM Government
• Partnership between business, local authorities, Higher Education and Further Education
Investment
•EU Structural Funds £111m 2014-2020
•EZ Business Rates £23m 2014-2020
•Local Growth Fund £80m 2015-2020
•City Deal £16m 2014-2018
‘Leicester and Leicestershire to be the destination of choice for successful businesses’
Return
• Create at least 45,000 net private sector jobs
• Attract £2.5b private sector investment
• Increase Gross Value Added (GVA) by £4b to £23b
PlacePeople
Business
Value for money :
• At least 1:5 private leverage
• Cost per job of £11k
About RGF
• £3.2 billion Government fund
• Aim: To help companies to grow
• Supports projects / programmes committed to deliver sustainable jobs and economic growth
• Total grant programme equals £21 million in Leicester and Leicestershire
Programme Area Min Grant Max Grant RatioAvg. cost per job
Sectors
Enterprising Leicester
City £1,000 £25,000 1:1 £10,000
Must be trading business to business i.e. Non-retail. Care and Financial Services are also excluded
Enterprising Leicestershire
County £5,000 £25,000 2:1 £10,000
RGF Round 3City & County £25,000 £150,000 3:1* £7,500
RGF Round 4City & County £150,000 £1million 4:1**
9:1*** £12,500
* Subject to availability ** < 50 employees *** > 50 employees
Eligibility
• For SMEs based in the County of Leicester and Leicestershire or looking to move into the area
• Commit to job creation/safeguarding
• Trading business to business
• Projects primarily capital based i.e. machinery/plant
• Commit to project completion by 31st March 2015
Points to consider• Retrospective funding is not eligible
• Procurement to test the market and prove VFM
• Clearly explain how the grant will add benefit to the project and lead to job creation/safeguarding
• Additional documents are required e.g. Accounts and Financial projections
• Grants over £25k are subject to 1% cost, to the applicant, for Due Diligence
ProcessProject Director and
Accountable Body Sign offQuality
Assurance (inc. Due Diligence)
Grants Panel
Financial Assessment
Full Application + supporting evidence (on-line)
Grants Manager Assessment
Expression of Interest (on-line)
Case Study: RGF 3Engineering CompanySummary:Bring forward the purchase of a laser cutting machine by 18 months. New machine up to 50% faster, increasing competitiveness.Project cost: £485,000Match from Business: £378,750RGF Grant: (up to 25%) £106,250Sources of Business (Private)match: VariousJob outputs: 5 jobs created, 10 jobs safeguarded
Case Study: RGF 4 Medium sized company Advanced manufacturing companySummary:New machinery lines are required to meet need of new contractsAlso changes to the internal layout of the factory. Current number of employees: 60Project cost: £7,000,000Match from Business: £6,300,000RGF Grant: (10%) £700,000Sources of Private match: Bank Finance, Reserves, Hire-Purchase.Job outputs: 42 jobs created and/or safeguarded.
Progress To Date
• More than £10m* in grants awarded so far
• 113* companies benefiting from the programme
• Over 1,635* projected jobs to be created or safeguarded
• Approximately £61m* of private investment leveraged
*Correct as at 1st Sept 2014
Changes to GBE Regulations 1st July 2014 affecting large companies
• Aid for R&D and Innovation eligible costs;• 25% experimental development• 50% industrial research• 50% feasibility studies• 100% fundamental research
• Training aid• 50% of the eligible costs• Additional incentive of 10% if disabled or disadvantaged
workers* rising to 70%
*Between the ages of 15 and 24 years
National Grants (Application direct to Government)RGF Round 6
• Projects requiring grants over £1m• Must be capital based i.e. machinery, plant• LLEP can assist – letters of support and data etc• Information can be found at:• https://www.gov.uk/understanding-the-regional-growth-fund
Growth Vouchers (SME’s)
• Government Pilot Project- vouchers up to £2000• Maximum available = 50% of total cost• Application can be made at: • https://www.gov.uk/apply-growth-vouchers
NOW is the time to invest
Contact us: [email protected]
0116 454 2917 www.llep.org.uk
We are happy to provide more information for you to share with partners.