Stuart Hill – Director, Solent LEP 18 th July 2012

1. Regional Growth Fund Round 2‘Bridging the Gap’SME Growth FundHampshire & Isle of Wight Insitute of Directors Update Stuart Hill – Director, Solent LEP 18th July 2012

2. The Solent LEPBoard Membership – Private Sector Doug Morrison Port Directror, Port of Southampton Chairman of Solent LEP Russell Kew Chief Executive, Wightlink LEP Board member Gary Jeffries MD, Hughes Ellard LEP Board member Chris Allington MD, Oxford Innovations LEP Board member Stuart Hill COO, IBM Technology Services LEP Board member Philippe Jouy MD, Warings Construction LEP Board member Ernie Battey MD, Morgan Sindel Investments LEP Board member Steve Barber Chief Executive, Xyratex LEP Board member

3. The Solent LEPBoard Membership – Public Sector & HE Councilor Ken Thornber CBE Leader, Hampshire County Council LEP Board member Councillor Gerald Vernon-Jackson Leader, Portsmouth City Council LEP Board Member Councillor Richard Williams Leader, Southampton City Council LEP Board member Councilor David Pugh Leader, Isle of Wight Unitary Authority LEP Board member Professor John Craven Vice Chancellor, University of Portsmouth LEP Board member Councillor Sean Woodward Chairman, PUSH LEP Board member

4. The Solent LEPStrategic Priorities 2011 - 2015 Five Strategic Priorities will drive economic growth in the region Strategic Sectors – including Marine, Defence and Advanced Manufacturing Enterprise – win and deliver the Solent Enterprise Zone Support for SME’s. Skills for Growth - including apprenticeship and training initiatives Infrastructure – improved transport, services, flood prevention, and broadband Inward Investment – attracting new business to the Solent

5. The Solent LEPYear 1 Successes • Solent Apprentices for Business – Lead Chris Allington • Not-for-profit organisation providing businesses with a simple and cost-effective way to recruit high-calibre apprentices. Increase the number of job opportunities available to young people and support the economic growth of business - particularly SMEs. • Solent Enterprise Zone – Lead Gary Jeffries • One of 24 Enterprise Zones in the country, with£2.94m soon to be availablefor SMEs based on or moving to the Solent Enterprise Zone • Solent Growing Places Fund – Lead Ernie Battey • An £18million revolving (evergreen) capital infrastructure fund to unlock jobs and homes • Bridging the Gap – Lead Stuart Hill • A £2.1M SME ‘mini RGF’ Fund to drive growth and jobs in Start Ups and existing businesses seeking to expand

6. Enterprise

7. The Solent LEPRegional Growth Fund RGF - Central Government £2.4B Growth Fund Aims – GVA & Jobs Deliver Sustainable private sector employment and economic growth in areas historically over reliant on the public sector and Leveraging private sector investment Solent LEP Regional Growth Fund Success Only 119 out of the 492 Round 2 bids received by Government were successful 7 winning bids were in the South East – o/w three were supported by the Solent LEP The Solent is one of only three LEPs to be directly awarded RGF funding. RGF2 Solent investment includes Bridging the Gap and over £5.5m to improve Platform Road in Southampton.

8. The Solent LEPBridging the Gap – LEP Lead Stuart Hill The Solent LEP - in partnership with The News and the University of Portsmouth - has secured £2.1M from RFG Round 2 to run our own local ‘mini RGF’ which we have called Bridging the Gap • Opening up the large central fund to SMEs - Inviting bids between £5,000 and £50,000 • The ambition of Bridging the Gap is to create and/or safeguard private sector jobs and to drive growth in 2 SME Groups: • £950,000 allocated as SME Start-Up Fund • £50,000 of which ring-fenced for Young Entrepreneurs • £950,000 allocated as SME Growth Fund • And to drive and leverage private sector investment in the areas

9. Bridging The GapEligibilty • Geographic • Portsmouth (50%) • Gosport (40%) • Havant (10%) • Job Creation and Safeguarding jobs • Bring Private Sector Investment • SME Growth Fund (50%) • SME Start-Up Fund (30%)

10. Bridging The GapBidding Process • Two stage bidding process – EOI followed by full business plan submission • Support from The University of Portsmouth to assist in developing full business plan • Marketing support from The News • Bid assessment by independent Investment Panel – consisting of experts from all partner organisations, alongside banking sector, FSB, Havant and Gosport areas. • No end date – Panel will meet on a regular basis to allocate funding, but, submit your EOI early to avoid disappointment!

11. Bridging The GapSME Support for the Enterprise Zone • In addition to Bridging The Gap £2.1M for Portsmouth, Gosport and Havant, we shortly launch: • The Solent Enterprise Zone Expansion Fund for Aerospace, Aviation & Marine • A further £2.94m for SMEs based on, or moving to, the Solent Enterprise Zone • Same challenge and evaluation process as Bridging the Gap • Bids between £50,000 and £200,000

12. The Solent LEPApprentice Hiring Support for SMEs Apprenticeship Grant for Employers – AGE Wage grants to assist SME employers to hire an apprentice Targeting 16-24 year old apprentices Open until March 2013 Grant of £1,500 for wages plus contributions to the cost of the training element of the apprenticeship 5. £450,000 in wage grants available to support 300 new apprenticeships Information available from the National Apprenticeship Service

13. For more details… www.solentlep.org.uk