g row your B usiness Sue Tilley Economic Growth amp 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 ID: 394049
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Slide1
Grants to grow your BusinessSue TilleyEconomic Growth & Investment Manager LLEPSlide2
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 EducationSlide3
Key PrioritiesSlide4
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 £11kSlide5
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 LeicestershireSlide6
Programme
Area
Min Grant
Max Grant
Ratio
Avg. 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£150,0003:1*£7,500RGF Round 4City & County£150,000£1million4:1**9:1***£12,500
* Subject to availability
** < 50 employees
*** > 50 employeesSlide7
EligibilityFor SMEs based in the County of Leicester and Leicestershire or looking to move into the areaCommit to job creation/safeguardingTrading business to business
Projects primarily capital based i.e. machinery/plant
Commit to project completion by 31st March 2015Slide8
Points to considerRetrospective funding is not eligible Procurement to test the market and prove VFMClearly explain how the grant will add benefit to the project and lead to job creation/safeguardingAdditional documents are required e.g. Accounts and Financial projections
Grants over £25k are subject to 1% cost, to the applicant, for Due DiligenceSlide9
ProcessProject Director and Accountable Body Sign off
Quality Assurance (inc. Due Diligence)
Grants Panel
Financial Assessment
Full Application + supporting evidence
(on-line)
Grants Manager Assessment
Expression of Interest
(on-line)Slide10
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 Slide11
Case Study: RGF 4 Medium sized company Advanced manufacturing companySummary:New machinery lines are required to meet need of new contractsAlso changes to the internal layout of the factory.
Current number of employees: 60Project cost: £7,000,000
Match from Business: £6,300,000RGF Grant: (10%) £700,000Sources of Private match: Bank Finance, Reserves, Hire-Purchase.Job outputs: 42 jobs created and/or safeguarded.Slide12
Progress To DateMore than £10m* in grants awarded so far113* companies benefiting from the programme
Over 1,635* projected jobs to be created or safeguarded
Approximately £61m* of private investment leveraged*Correct as at 1st Sept 2014Slide13
Changes to GBE Regulations 1st July 2014 affecting large companiesAid for R&D and Innovation eligible costs;25% experimental development
50% industrial research50% feasibility studies
100% fundamental researchTraining aid50% of the eligible costs
Additional incentive of 10% if disabled or disadvantaged workers* rising to 70%
*Between the ages of 15 and 24 yearsSlide14
National Grants (Application direct to Government)RGF Round 6Projects requiring grants over £1m
Must be capital based i.e. machinery, plantLLEP 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-vouchersSlide15
NOW is the time to investContact us: admin@llep.org.uk 0116 454 2917
www.llep.org.uk We are happy to provide more information for you to share with partners.