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Nottingham Business Finance Programmes

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Presentation on theme: "Nottingham Business Finance Programmes"— Presentation transcript:

1 Nottingham Business Finance Programmes
Aim of briefing is to make local stakeholders aware of business support programmes currently being offered through the Council. Looking to partners to pass on information to relevant businesses who might benefit from the support on offer and encourage enquiries and applications. 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 21st 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 Growth Plan launched in July 2012 following a period of extensive consultation with local businesses. Plan sets out a five year programme of activity to stimulate business growth and job creation in Nottingham. Plan includes 40 projects under three main themes – some existing, some under development and some aspirational. Plan will be reviewed on an annual basis and revised to reflect ongoing strategic priorities. Plan is overseen by Nottingham Growth Board, chaired by Sir John Peace. Although the City Council is the main stakeholder, the Plan requires private sector input and support if it is to be successful. Transformational Finance Programme within Plan includes a number of projects to improve access to finance for local businesses: - Nottingham Technology Grant Fund - Investment Fund - Creative Quarter 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) £10m of funding secured from Round 3 Regional Growth Fund bid. Funding approved in autumn 2012. N’Tech aimed at encouraging businesses to invest in themselves. Focus is on creating private sector jobs. Growth Plan focuses on development of three key sectors where the city has existing strengths and potential for further private sector growth. Applicants must work within, or have direct links to, one of these sectors. Digital content uses Technology Strategy Board definition. This is a creative industries sub-set focused on content. Life sciences builds on Nottingham’s Science City designation and cluster based around BioCity Nottingham. Key partners are two universities, Antenna, BioCity and Clean Tech Centre.

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) Minimum grant available £20k (£100k project). Maximum grant available £1m (£5m project). Programme is focussed on supporting three main types of activity. Grants are available for: - Commercialisation of intellectual property. - Development of new technologies. - Investment in capital infrastructure.

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 Programme focused on supporting SMEs – businesses with a maximum turnover of €50m and less than 250 employees. However, large businesses in Assisted Areas can also be supported (Bulwell and Basford). Projects must take place within Nottingham Core City Area (Nottingham City, Broxtowe, Gedling, Rushcliffe and Hucknall). Can support businesses relocating into this area from outside. RGF contract requires programme to create or safeguard 950 jobs. Therefore, one job output generated for every £10k of grant. Jobs must be permanent, full-time and located in Core City area. RGF contract requires programme to lever in £40m of private sector investment. Every £1 of grant must be matched with £4 of private sector funding. Private sector match excludes other public sector funding (e.g. TSB or European funding). Projects can be supported under two main State Aid regulations - General Block Exemption Regulation (GBER) and De Minimis Aid Regulation. Intervention rates will vary depending upon size of company and nature of activity supported. Grant must be spent and claimed by 31 March 2015 – tight delivery timescales.

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: Programme opened to applications on 1 April 2013. Will remain open until 30 September No set deadlines for submitting applications. Enquiries and applications welcome at any time until Sep 2014. Programme uses a two-stage application process. ‘Light touch’ EoI assesses whether company meets all essential criteria. Full application explores project proposal in more depth. Company must explain the ‘additionality’ the grant will provide and potential job creation. Supporting business plan and financial information required. Final decision made by Investment Panel. Meets on a monthly basis. Membership of Panel includes two Nottingham universities (Dan King, Jeremy Hague), City Council (Nick McDonald) and three growth sector representatives (Adam Bird, Toby Reid, Jasper Spencer). Independent chair – Foresight Group (Russell Healey). Grant is paid against defrayed expenditure at set intervention rate – e.g. company spends money on project and then claims a percentage of this back from the Council. Claims submitted on a quarterly basis.

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 Programme is managed by FEBA based in Hyson Green. FEBA also run the Small Loans for Business programme providing similar loan funding across the city. Loans can be used to secure services, purchase equipment and meet funding shortfall for projects. Scheme is open to new or existing businesses regardless of sector.

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) Fund provides loans of between £500 and £25,000. Repayment period is between 1 and 5 years. Interest rate is 6%. Arrangement fee also charged. Fund is for companies already located in or intending to move into the Creative Quarter. Funding is available across all business sectors.

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: Application process requires a single application form backed up by a business plan and financial information. Applications are assessed by a Loans Panel that meets on a monthly basis. NCC is represented by Lewis Stringer. Contact Neil Millington at FEBA for further information. There is a CQ Loan Fund page on the City Council website.

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 Pilot project will ‘top up’ national Small Business Rate Relief scheme within the Creative Quarter. Companies in properties with a rateable value of less than £18k will be offered 100% rate relief for a 12 month period. Companies must be located in or intending to relocate to the Creative Quarter from outside the city boundary. Scheme was launched at the end of September 2013. Contact Kathy McArdle or Tasha King at the Creative Quarter Company. Applications handled by NCC Business Rates Team. CQ Company website is currently in development.

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

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