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Ignite your lep funding

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IGNITE your…. Solent LEP Bridging the Gap
Presenter - Jan Ward, Solent LEP Director & CEO of Corrotherm International Ltd will be presenting
"Phase 2 of Bridging the Gap funding programme"
Bridging the Gap is a competitive fund of £1.85m, looking to identify projects that can create or safeguard the most jobs and leverage the most private sector investment into SMEs in the Southampton area.
The Solent Local Enterprise Partnership (LEP) was formed after the Government offered local areas the opportunity to take control of their future economic development.

Published in: Technology, Economy & Finance
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Ignite your lep funding

  1. 1. Jan Ward Solent LEP Director 24th September 2013
  2. 2. 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.”
  3. 3. Solent LEP – Progress to Date The Solent LEP has invested in key areas of activity with the potential to deliver close to it’s original job targets: Programme Business Support Packages Job Output 970 City Deal Enterprise Zone Total: 4,933 3,500 9,403
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. 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
  8. 8. Solent Futures SME Programme Fund The 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 Systems and Portsmouth City Council • • When to Apply Open for applications – 28th August 2013 Round 1 – 27th September 2013 Round 2 – 15th November 2013
  9. 9. 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 Apply Open for applications now
  10. 10. Coming Soon… • Young Enterprise Fund • Isle of Wight Marine Business Expansion Fund For more information: www.solentlep.org.uk info@solentlep.org.uk 02392 834 603

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