Transcript About RGF - North West Leicestershire District Council

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
Key Priorities
‘Leicester and Leicestershire to be the
destination of choice for successful businesses’
Investment
Return
•EU Structural Funds
£111m 2014-2020
•EZ Business Rates
£23m 2014-2020
Place
People
Business
•Local Growth Fund
£80m 2015-2020
•City Deal
£16m 2014-2018
•
Create at least 45,000
net private sector jobs
•
Attract £2.5b private
sector investment
•
Increase Gross Value
Added (GVA) by £4b
to £23b
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
Programme
Area
Min Grant
Max Grant
Ratio
Avg. cost
per job
Enterprising
Leicester
City
£1,000
£25,000
1:1
£10,000
Must be
trading
business to
£10,000 business
i.e. Non-retail.
Care and
Financial
£7,500 Services are
also excluded
Enterprising
County
Leicestershire
£5,000
£25,000
2:1
RGF Round 3
City &
County
£25,000
£150,000
3:1*
RGF Round 4
City &
County
£150,000
4:1**
£1million
£12,500
9:1***
* Subject to availability
** < 50 employees
*** > 50 employees
Sectors
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 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
Process
Project Director and
Accountable Body Sign off
Grants Panel
Grants Manager
Assessment
Financial Assessment
Full Application + supporting evidence
(on-line)
Expression of Interest
(on-line)
Quality
Assurance
(inc. Due
Diligence)
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 1st 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:
[email protected]
0116 454 2917
www.llep.org.uk
We are happy to provide more information for you to share with partners.