Presentation on theme: "Grants to grow your Business Sue Tilley Economic Growth & Investment Manager LLEP."— Presentation transcript:
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 Place People 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
ProgrammeAreaMin GrantMax GrantRatio Avg. cost per job Sectors Enterprising Leicester City£1,000£25,0001:1£10,000 Must be trading business to business i.e. Non-retail. Care and Financial Services are also excluded Enterprising Leicestershire County£5,000£25,0002:1£10,000 RGF Round 3 City & County £25,000£150,0003:1*£7,500 RGF Round 4 City & 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 31 st 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
Process Project Director and Accountable Body Sign off Project Director and Accountable Body Sign off Quality Assurance (inc. Due Diligence) Grants Panel Financial Assessment Full Application + supporting evidence (on-line) Full Application + supporting evidence (on-line) Grants Manager Assessment Expression of Interest (on-line) Expression of Interest (on-line)
Case Study: RGF 3 Engineering Company Summary: Bring forward the purchase of a laser cutting machine by 18 months. New machine up to 50% faster, increasing competitiveness. Project cost: £485,000 Match from Business: £378,750 RGF Grant: (up to 25%) £106,250 Sources of Business (Private)match: Various Job outputs: 5 jobs created, 10 jobs safeguarded
Case Study: RGF 4 Medium sized company Advanced manufacturing company Summary: New machinery lines are required to meet need of new contracts Also changes to the internal layout of the factory. Current number of employees: 60 Project cost: £7,000,000 Match from Business: £6,300,000 RGF Grant: (10%) £700,000 Sources 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 1 st 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: firstname.lastname@example.org 0116 454 2917 www.llep.org.uk We are happy to provide more information for you to share with partners.