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Regional Growth Fund Round 2 ‘Bridging the Gap’ SME Growth Fund Hampshire & Isle of Wight Insitute of Directors Update Stuart Hill – Director, Solent LEP.

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Presentation on theme: "Regional Growth Fund Round 2 ‘Bridging the Gap’ SME Growth Fund Hampshire & Isle of Wight Insitute of Directors Update Stuart Hill – Director, Solent LEP."— Presentation transcript:

1 Regional Growth Fund Round 2 ‘Bridging the Gap’ SME Growth Fund Hampshire & Isle of Wight Insitute of Directors Update Stuart Hill – Director, Solent LEP 18 th July 2012

2 The Solent LEP Board Membership – Private Sector Doug Morrison Port Directror, Port of Southampton Chairman of Solent LEP Russell Kew Chief Executive, Wightlink LEP Board member Stuart Hill COO, IBM Technology Services LEP Board member Ernie Battey MD, Morgan Sindel Investments LEP Board member Gary Jeffries MD, Hughes Ellard LEP Board member Chris Allington MD, Oxford Innovations LEP Board member Steve Barber Chief Executive, Xyratex LEP Board member Philippe Jouy MD, Warings Construction LEP Board member

3 The Solent LEP Board Membership – Public Sector & HE Councilor Ken Thornber CBE Leader, Hampshire County Council LEP Board member Professor John Craven Vice Chancellor, University of Portsmouth LEP Board member Councillor Gerald Vernon-Jackson Leader, Portsmouth City Council LEP Board Member Councillor Richard Williams Leader, Southampton City Council LEP Board member Councilor David Pugh Leader, Isle of Wight Unitary Authority LEP Board member Councillor Sean Woodward Chairman, PUSH LEP Board member

4 The Solent LEP Strategic Priorities 2011 - 2015 Five Strategic Priorities will drive economic growth in the region 1. Strategic Sectors – including Marine, Defence and Advanced Manufacturing 2. Enterprise – win and deliver the Solent Enterprise Zone Support for SME’s. 3. Skills for Growth - including apprenticeship and training initiatives 4. Infrastructure – improved transport, services, flood prevention, and broadband 5. Inward Investment – attracting new business to the Solent

5 The Solent LEP Year 1 Successes Solent Apprentices for Business – Lead Chris Allington Not-for-profit organisation providing businesses with a simple and cost-effective way to recruit high-calibre apprentices. Increase the number of job opportunities available to young people and support the economic growth of business - particularly SMEs. Solent Enterprise Zone – Lead Gary Jeffries One of 24 Enterprise Zones in the country, with £2.94m soon to be available for SMEs based on or moving to the Solent Enterprise Zone Solent Growing Places Fund – Lead Ernie Battey An £18million revolving (evergreen) capital infrastructure fund to unlock jobs and homes Bridging the Gap – Lead Stuart Hill A £2.1M SME ‘mini RGF’ Fund to drive growth and jobs in Start Ups and existing businesses seeking to expand

6 Enterprise

7 RGF - Central Government £2.4B Growth Fund Aims – GVA & Jobs Deliver Sustainable private sector employment and economic growth in areas historically over reliant on the public sector and Leveraging private sector investment The Solent LEP Regional Growth Fund Solent LEP Regional Growth Fund Success Only 119 out of the 492 Round 2 bids received by Government were successful 7 winning bids were in the South East – o/w three were supported by the Solent LEP The Solent is one of only three LEPs to be directly awarded RGF funding. RGF2 Solent investment includes Bridging the Gap and over £5.5m to improve Platform Road in Southampton.

8 The Solent LEP Bridging the Gap – LEP Lead Stuart Hill Opening up the large central fund to SMEs - Inviting bids between £5,000 and £50,000 The ambition of Bridging the Gap is to create and/or safeguard private sector jobs and to drive growth in 2 SME Groups: £950,000 allocated as SME Start-Up Fund £50,000 of which ring-fenced for Young Entrepreneurs £950,000 allocated as SME Growth Fund And to drive and leverage private sector investment in the areas The Solent LEP - in partnership with The News and the University of Portsmouth - has secured £2.1M from RFG Round 2 to run our own local ‘mini RGF’ which we have called Bridging the Gap

9 Geographic Portsmouth (50%) Gosport (40%) Havant (10%) Job Creation and Safeguarding jobs Bring Private Sector Investment SME Growth Fund (50%) SME Start-Up Fund (30%) Bridging The Gap Eligibilty

10 1.Two stage bidding process – EOI followed by full business plan submission 2.Support from The University of Portsmouth to assist in developing full business plan 3.Marketing support from The News 4.Bid assessment by independent Investment Panel – consisting of experts from all partner organisations, alongside banking sector, FSB, Havant and Gosport areas. 5.No end date – Panel will meet on a regular basis to allocate funding, but, submit your EOI early to avoid disappointment! Bridging The Gap Bidding Process

11 In addition to Bridging The Gap £2.1M for Portsmouth, Gosport and Havant, we shortly launch: The Solent Enterprise Zone Expansion Fund for Aerospace, Aviation & Marine A further £2.94m for SMEs based on, or moving to, the Solent Enterprise Zone Same challenge and evaluation process as Bridging the Gap Bids between £50,000 and £200,000 Bridging The Gap SME Support for the Enterprise Zone

12 Apprenticeship Grant for Employers – AGE 1.Wage grants to assist SME employers to hire an apprentice 2. Targeting 16-24 year old apprentices 3. Open until March 2013 4. Grant of £1,500 for wages plus contributions to the cost of the training element of the apprenticeship 5. £450,000 in wage grants available to support 300 new apprenticeships 3.Information available from the National Apprenticeship Service The Solent LEP Apprentice Hiring Support for SMEs

13 For more details…

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