Presentation on theme: "Www.lincs-chamber.co.uk Greater Lincolnshire Business Capital Growth Fund Ian Jones, Investment Readiness Advisor Lincolnshire Chamber of Commerce."— Presentation transcript:
Greater Lincolnshire Business Capital Growth Fund Ian Jones, Investment Readiness Advisor Lincolnshire Chamber of Commerce
What is the Regional Growth Fund (RGF)? Department for Business, Innovation and Skills lead initiative for England Overall funding total of £3.2bn Released in phases between 2011 – 2017 Lincolnshire Chamber successful in RGF Round 5 Funding of £2m sought and won
The Greater Lincolnshire Business Capital Growth Fund To provide gap funding for businesses who wish to expand or invest to create sustainable jobs Funding available up to a maximum of 20% of overall project cost Remainder of project funding to be from private sector investment or commercially available finance Aim to support creation of 234 new jobs and safeguard 63 existing jobs Applications open until December 2016, or until fund fully allocated Grants must be for a minimum of £10,000 and maximum of £250,000 A project where spend HAS NOT already been incurred
Who is Eligible? Based in or relocating to Greater Lincolnshire Meet the definition of an SME Have a business plan to expand or invest which will create and/or safeguard jobs Require the grant for capital expenditure on premises expansion, new premises, plant, machinery and infrastructure and/or associated costs for expansion, e.g. new technologies, systems and software, training etc. SME must show that funding required for the project to proceed and that funding not available elsewhere
Who is Ineligible? General Block Exemption Regulations (GBER) apply Other ineligible sectors include; Retail, tourism, passenger transport, warehousing, education, health service, public sector, infrastructure, franchise operations, MOD funded contracts, property development, energy generation and primary agriculture However, all applications will be considered on their own merit.
Application process Initial enquiry Expression of Interest Proposal Development, including services of Investment Readiness Advisor, if required Submission of Application Form and accompanying documentation Investment Appraisal panel
Next Steps Official launch of fund at Chamber AGM, Friday 3 rd October Contact details Ian Jones Marie Pritchett