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Grants to g row your B usiness Sue Tilley Economic Growth & Investment Manager LLEP

Grants to g row your B usiness 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

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Grants to g row your B usiness Sue Tilley Economic Growth & Investment Manager LLEP

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  1. Grants to grow your Business Sue Tilley Economic Growth & Investment Manager LLEP

  2. 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

  3. Key Priorities

  4. ‘Leicester and Leicestershire to be the destination of choice for successful businesses’ Investment • EU Structural Funds £111m 2014-2020 • EZ Business Rates £23m 2014-2020 • Local Growth Fund £80m 2015-2020 • City Deal £16m 2014-2018 • 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

  5. 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

  6. ** < 50 employees *** > 50 employees * Subject to availability

  7. Eligibility • For SMEs based in the County ofLeicester 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

  8. 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

  9. Process Project Director and Accountable Body Sign off Quality Assurance (inc. Due Diligence) Grants Panel Grants Manager Assessment Financial Assessment Full Application + supporting evidence (on-line) Expression of Interest (on-line)

  10. 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

  11. 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.

  12. 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

  13. 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

  14. 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

  15. NOW is the time to invest Contact 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.

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