Ignite your lep funding

Jan WardSolent LEP Director

24th September 2013

Solent LEP - Economic Ambition

In September 2010, an outline proposal for the Solent LEP was submitted, with a clear economic vision:

“In the period to 2026 it will capitalise on identified strengths and through collaboration commit to:

•...create 10,000 new jobs in the Solent LEP area;

•...GVA growth of 2.1% equating to an extra £1bn or £6,400 per capita.”

Solent LEP – Progress to Date

Programme Job OutputBusiness Support Packages

970

City Deal 4,933Enterprise Zone

3,500

Total: 9,403

The Solent LEP has invested in key areas of activity with the potential to deliver close to it’s original job targets:

Solent LEP – More to do

Further work underway in relation to:

•Solent LEP has strategic responsibility for €43.1 million of EU funding over the 2014 – 2020 period and are currently working to identify what needs to be done to make a difference on the ground for EU Structural & Investment (S&I) Funds for 2014 to 2020

•Over £2 billion of funding from across the transport, skills and housing budgets will be included in the Single Local Growth Fund in 2015-16

Solent LEP – Business Support Packages

Programme Summary Job Output

Bridging the Gap 1

Grant funding for SMEs and new Start-Ups in Portsmouth, Gosport and Havant

200

Bridging the Gap 2

Grant funding for SMEs and new Start-Ups in Southampton, Isle of Wight and New Forest Waterside

200

Solent Futures Grant funding for SMEs in the Portsmouth Dockyard supply chain

270

Enterprise Zone Expansion Fund

Grant funding for Companies based on, or re-locating to, the Solent Enterprise Zone

300

Bridging the Gap 1

•£925,000 SME Start-Up Fund•£925,000 SME Growth/Safeguarding Fund•Competitive process•Leveraging private sector investment (50/50 for SMEs, 70/30 for new starts)•Creating and/or safeguarding private sector jobs•Inviting bids between £5,000 and £50,000•Process: Expression of Interest followed by full business plan

To date:•£1,030,585 allocated•£819,415 still available

Next deadline – 18th October 2013

Bridging the Gap 2

•£675,000 SME Start-Up Fund•£675,000 SME Growth/Safeguarding Fund•£500,000 Ford Impact Fund•Competitive process•Leveraging private sector investment (50/50 for SMEs, 70/30 for new starts)•Creating and/or safeguarding private sector jobs•Inviting bids between £5,000 and £50,000•Process: Expression of Interest followed by full business plan

To date:•£246,350 allocated•£1,241,130 still available

Next deadline – 18th October 2013

Solent Futures SME Programme FundThe Fund• Total funding available: £4.7 million• Total amount available for each SME applicant: between £10,000 and 300,000• Type of funding available: Grant funding• Match funding required: 80% of total project cost• Commitment required: safeguarding and/or creation of private sector jobs• What can be funded: any capital investment into the business to create sustainable

employment in the new environment (examples in guidance)

The Process• Competitive process• Applications reviewed by a Panel of experts from the Solent LEP, BAE Systemsand Portsmouth City Council

When to ApplyOpen for applications – 28th August 2013Round 1 – 27th September 2013Round 2 – 15th November 2013

Enterprise Zone Expansion Fund

The Fund• Total funding available: £2.73 million• Total amount available for each SME applicant: between £50,000 and 200,000• Type of funding available: Grant funding• Match funding required: 80% of total project cost• Commitment required: safeguarding and/or creation of private sector jobs• What can be funded: any capital investment into businesses located on, or moving to,

the Solent Enterprise Zone• Competitive process

When to ApplyOpen for applications now

Coming Soon…

• Young Enterprise Fund• Isle of Wight Marine Business Expansion Fund

For more information:

www.solentlep.org.uk

[email protected]

02392 834 603