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Nottingham Business Finance Programmes

Nottingham Business Finance Programmes. Lewis Stringer - Business Finance Manager Mike Durban - Business Finance Officer. Background. Nottingham Growth Plan launched in July 2012 Plan includes 40 projects under three main themes: - Fostering enterprise - Developing a skilled workforce

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Nottingham Business Finance Programmes

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  1. Nottingham Business Finance Programmes Lewis Stringer - Business Finance Manager Mike Durban - Business Finance Officer

  2. Background • Nottingham Growth Plan launched in July 2012 • Plan includes 40 projects under three main themes: • - Fostering enterprise • - Developing a skilled workforce • - Building a 21st century infrastructure • Transformational Finance Programme: • - Nottingham Technology Grant Fund (N’Tech) • - Nottingham Investment Fund • - Creative Quarter (CQ) Loan Fund • - Creative Quarter New Business Rates Relief Scheme

  3. N’Tech: Overview • £10m grant fund provided through the Regional Growth Fund • Aimed at supporting business growth and job creation • Targeted at three key growth sectors: • - Digital content (e.g. computer games, film, television, music, publishing, social media) • - Life sciences (e.g. biotechnology, medical devices, biochemistry) • - Clean technologies (e.g. recycling, renewable energy, energy saving devices and services)

  4. N’Tech: Funding • Minimum grant £20,000 • Maximum grant £1m • Funding available for: • - Commercialisation of intellectual property (IP) (e.g. exploitation of new business ideas) • - Development of new technologies (e.g. new business products and processes) • - Investment in capital infrastructure (e.g. purchase of new equipment)

  5. N’Tech: Essential Criteria • Applicants must be small or medium-size enterprises (SMEs) or large enterprises in Assisted Areas • Projects must take place within the Nottingham Core City area (Nottingham City, Broxtowe, Gedling, Rushcliffe and Hucknall) • Projects must create or safeguard jobs • Projects must lever in private sector investment • Projects must be State Aid compliant • Funding must be spent and claimed by 31 March 2015

  6. N’Tech: Application Process • Open to applications from 1 April 2013 to 30 September 2014 • Rolling two-stage application process: • - Expression of interest and eligibility assessment • - Full application and appraisal • Final decision on funding made by monthly Investment Panel • Contact Lewis Stringer at Nottingham City Council • Telephone: 0115 876 4483 • Web: www.nottinghamcity.gov.uk/ntech

  7. Investment Fund: Overview • £40m investment fund provided through Capital for Enterprise, Nottinghamshire Pension Fund and private investors • Managed by Foresight Group • Focused on supporting high growth businesses that will deliver a commercial return for investors • Will operate over a ten year lifespan with five years to invest and a five year realisation period • Launch date 19 November 2013

  8. Investment Fund: Funding • Minimum investment £100,000 • Maximum investment £2m • Flexible investment structuring including equity and debt • Broad range of transaction types including: • - Growth capital • - Asset finance • - Acquisition finance

  9. Investment Fund: Essential Criteria • Applicants must already operate in Nottinghamshire or be looking to expand or relocate into Nottinghamshire • Fund will look for experienced management teams, attractive market characteristics and a defensible competitive advantage • Fund will have a generalist mandate investing across most business sectors • Fund will only invest in opportunities where there is a realistic prospect of good commercial returns and a credible route to exit within five years

  10. Investment Fund: Application Process • Contact Foresight Group to arrange a meeting, submit a business plan or request further information • Telephone: 0115 727 0650 • Web: www.foresightgroup.eu/nottingham • Foresight management team: • - Russell Healey • - Tom Thorp • - Darrel Connell • - Henry Alty • - Seb Saywood

  11. CQ Loan Fund: Overview • £1m loan fund provided through Nottingham City Council • Managed by First Enterprise Business Agency • Loans can be used to: • - Secure services • - Purchase equipment • - Meet shortfalls in funding for specific projects • Open to new start or existing businesses

  12. CQ Loan Fund: Funding • Minimum loan £500 • Maximum loan £25,000 • Loans repaid over a period of one and five years • Interest charged at preferential rates • Applicants must be located in, or intending to relocate to, the Creative Quarter (Lace Market, Hockley, Sneinton Market and Island Site)

  13. CQ Loan Fund: Application Process • Single application form supported by business plan and financial information • Contact Neil Millington at First Enterprise Business Agency • Telephone: 0115 942 3772 • Web: www.nottinghamcity.gov.uk/CQ-loan-fund

  14. CQ New Business Rates Relief Scheme • Pilot will extend national Small Business Rate Relief Scheme for England within the Creative Quarter • 100% rate relief offered to businesses in properties with a rateable value of up to £18,000 • Rate relief offered for 12 months from the point of application • Businesses must have started trading in the financial years ending 31 March 2013 or 31 March 2014 and be located in, or intending to relocate to, the Creative Quarter • Contact Kathy McArdle at The Creative Quarter Company

  15. Further Information • Nottingham Technology Grant Fund • www.nottinghamcity.gov.uk/ntech • Nottingham Investment Fund • www.foresightgroup.eu/nottingham • Creative Quarter Loan Fund • www.nottinghamcity.gov.uk/cq-loan-fund

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