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Nottingham Business Finance Programmes Lewis Stringer - Business Finance Manager Mike Durban - Business Finance Officer.

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Presentation on theme: "Nottingham Business Finance Programmes Lewis Stringer - Business Finance Manager Mike Durban - Business Finance Officer."— Presentation transcript:

1 Nottingham Business Finance Programmes Lewis Stringer - Business Finance Manager Mike Durban - Business Finance Officer

2 Background Nottingham Growth Plan launched in July 2012 Plan includes 40 projects under three main themes: - Fostering enterprise - Developing a skilled workforce - Building a 21 st century infrastructure Transformational Finance Programme: - Nottingham Technology Grant Fund (N’Tech) - Nottingham Investment Fund - Creative Quarter (CQ) Loan Fund - Creative Quarter New Business Rates Relief Scheme

3 N’Tech: Overview £10m grant fund provided through the Regional Growth Fund Aimed at supporting business growth and job creation Targeted at three key growth sectors: - Digital content (e.g. computer games, film, television, music, publishing, social media) - Life sciences (e.g. biotechnology, medical devices, biochemistry) - Clean technologies (e.g. recycling, renewable energy, energy saving devices and services)

4 N’Tech: Funding Minimum grant £20,000 Maximum grant £1m Funding available for: - Commercialisation of intellectual property (IP) (e.g. exploitation of new business ideas) - Development of new technologies (e.g. new business products and processes) - Investment in capital infrastructure (e.g. purchase of new equipment)

5 N’Tech: Essential Criteria Applicants must be small or medium-size enterprises (SMEs) or large enterprises in Assisted Areas Projects must take place within the Nottingham Core City area (Nottingham City, Broxtowe, Gedling, Rushcliffe and Hucknall) Projects must create or safeguard jobs Projects must lever in private sector investment Projects must be State Aid compliant Funding must be spent and claimed by 31 March 2015

6 N’Tech: Application Process Open to applications from 1 April 2013 to 30 September 2014 Rolling two-stage application process: - Expression of interest and eligibility assessment - Full application and appraisal Final decision on funding made by monthly Investment Panel Contact Lewis Stringer at Nottingham City Council Telephone: Web:

7 Investment Fund: Overview £40m investment fund provided through Capital for Enterprise, Nottinghamshire Pension Fund and private investors Managed by Foresight Group Focused on supporting high growth businesses that will deliver a commercial return for investors Will operate over a ten year lifespan with five years to invest and a five year realisation period Launch date 19 November 2013

8 Investment Fund: Funding Minimum investment £100,000 Maximum investment £2m Flexible investment structuring including equity and debt Broad range of transaction types including: - Growth capital - Asset finance - Acquisition finance

9 Investment Fund: Essential Criteria Applicants must already operate in Nottinghamshire or be looking to expand or relocate into Nottinghamshire Fund will look for experienced management teams, attractive market characteristics and a defensible competitive advantage Fund will have a generalist mandate investing across most business sectors Fund will only invest in opportunities where there is a realistic prospect of good commercial returns and a credible route to exit within five years

10 Investment Fund: Application Process Contact Foresight Group to arrange a meeting, submit a business plan or request further information Telephone: Web: Foresight management team: - Russell Healey - Tom Thorp - Darrel Connell - Henry Alty - Seb Saywood

11 CQ Loan Fund: Overview £1m loan fund provided through Nottingham City Council Managed by First Enterprise Business Agency Loans can be used to: - Secure services - Purchase equipment - Meet shortfalls in funding for specific projects Open to new start or existing businesses

12 CQ Loan Fund: Funding Minimum loan £500 Maximum loan £25,000 Loans repaid over a period of one and five years Interest charged at preferential rates Applicants must be located in, or intending to relocate to, the Creative Quarter (Lace Market, Hockley, Sneinton Market and Island Site)

13 CQ Loan Fund: Application Process Single application form supported by business plan and financial information Contact Neil Millington at First Enterprise Business Agency Telephone: Web:

14 CQ New Business Rates Relief Scheme Pilot will extend national Small Business Rate Relief Scheme for England within the Creative Quarter 100% rate relief offered to businesses in properties with a rateable value of up to £18,000 Rate relief offered for 12 months from the point of application Businesses must have started trading in the financial years ending 31 March 2013 or 31 March 2014 and be located in, or intending to relocate to, the Creative Quarter Contact Kathy McArdle at The Creative Quarter Company

15 Further Information Nottingham Technology Grant Fund Nottingham Investment Fund Creative Quarter Loan Fund


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