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Grants to grow your Business
Narinder PooniEconomic Growth & Investment Officer
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
Key Priorities
3 Main Priorities: - Place - People - Business
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
Programme Area Min Grant Max Grant RatioAvg. cost per job
Sectors
Enterprising Leicester
City £1,000 £25,000 1:1 £10,000
Must be trading business to business i.e. Non-retail. Care and Financial Services are also excluded
Enterprising Leicestershire
County £5,000 £25,000 2:1 £10,000
RGF Round 3City & County £25,000 £150,000 3:1* £7,500
RGF Round 4City & 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 must be capital based i.e. machinery/plant
• Commit to project completion by 31st 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
ProcessProject Director and
Accountable Body Sign offQuality
Assurance (inc. Due Diligence)
Grants Panel
Financial Assessment
Full Application + supporting evidence (on-line)
Grants Manager Assessment
Expression of Interest (on-line)
Case Study: RGF 3Engineering CompanySummary:Bring forward the purchase of a laser cutting machine by 18 months. New machine up to 50% faster, increasing competitiveness.Project cost: £485,000Match from Business: £378,750RGF Grant: (up to 25%) £106,250Sources of Business (Private)match: VariousJob outputs: 5 jobs created, 10 jobs safeguarded
Progress
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
• 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
Any Questions?NOW is the time to invest
Contact us: [email protected]
0116 454 2917 www.llep.org.uk
We are happy to provide more information for you to share with partners.