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Grants to g row your B usiness Narinder Pooni Economic Growth & Investment Officer LLEP

Grants to g row your B usiness Narinder Pooni Economic 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

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Grants to g row your B usiness Narinder Pooni Economic Growth & Investment Officer LLEP

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  1. Grants to grow your Business Narinder Pooni Economic Growth & Investment Officer 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 3 Main Priorities: - Place -People -Business

  4. 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

  5. ** < 50 employees *** > 50 employees * Subject to availability

  6. 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 must be capital based i.e. machinery/plant • Commit to project completion by 31st March 2015

  7. 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

  8. 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)

  9. 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

  10. Progress

  11. 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

  12. Any Questions? 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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