This document provides an agenda and overview for a funding and support event for SMEs. The morning session includes introductions to grants and an overview of funding schemes. Breakout sessions in the afternoon focus on specific funding options for SMEs, including assisted asset purchase grants, loans from the South West Loans Fund, mezzanine funding from Santander, equity funding from the Business Growth Fund and WestBridge Capital, and peer-to-peer lending through Folk 2 Folk. Presenters provide details on eligibility and examples of previous funding. The event aims to help SMEs access various sources of financing to support growth.

1. Scott Bentley - Partner
Funding and
Support for SMEs
“Developed businesses”

2. www.francisclark.co.uk
Structure of morning
• Background and Grants intro (8.30am to 9.35am)
• SME, LEP, Cornwall EU millions and the
‘funding gap’
• Grant schemes (Overview)
• Video from Matthew Hancock (Minister for
Skills and Enterprise)
• Grants, debt, equity and business support –
stratified by size*(9.55 am to 11.00 am)
• Banks, alternative sources of finance and
business support (11.20 am to 12.25pm)
• Q&A one to one / Networking (12.25pm to 1.45pm)

3. www.francisclark.co.uk
Funding and Support for SMEs (>£100k)
• 6 to 8 minute presentations on:
• Assisted Asset Purchase (grant)
• SW Loan Fund (debt)
• Santander (debt/ mezzanine)
• Business Growth Fund (equity)
• Westbridge Capital (equity)
• Folk 2 Folk (Peer to Peer)
• Various
• Case Study
• Q&A

4. Regional Growth Fund/Assisted Asset Purchase
Bruce Pedrick
Relationship Director

5. Regional Growth Fund/Assisted Asset Purchase
Overview
Benefits for Business
Key Features
Eligibility
Exclusions
Examples
Summary and next steps
5

6. Regional Growth Fund/Assisted Asset Purchase
 Assisted Asset Purchase is part of the larger £2.6B Regional Growth Fund
 Lloyds Bank has initially been allocated £25M (to be drawn by April 15)
 Non repayable grants – subject to eligibility criteria and agreed job targets
 Create long term growth and sustainable employment
 Encourage private sector investment
 Simple application process
6
Overview

7. Regional Growth Fund/Assisted Asset Purchase
Benefits To Business
• Enables an asset purchase (where businesses currently lack deposit)
• Grants from £5,000 up to £500,000
• Up to 20% of the asset cost for small enterprises (up to 50 FTE and less
than 10M Euro T/O)
• Up to 10% of the asset cost for medium enterprises (up to 250 FTE and
less than 50M Euro T/O)
• Amount of grant will be minimum amount required to enable us to lend on
normal lending terms eg stand alone loan required towards premises
purchase where bank may traditionally lend 70% loan to value but
purchaser has only 15% deposit, therefore max. grant 15%
• Remaining funding via HP / Loan (Min £100,000) facility

8. Regional Growth Fund/Assisted Asset Purchase
Key Features
• Create / protect 1 job for every £15,000 grant received
• Independent accountant to verify within 30 months after drawdown or 6
months after job target achieved
• Grant is taxable income and classed as state aid
• Unable to link in any other forms of state aid.
• Remaining loan/HP requirement must meet normal lending criteria
• Asset must be located in England (in an area outside London)

9. Regional Growth Fund/Assisted Asset Purchase
Eligibility
• You need finance but lack the sufficient deposit
• Able to commit to creating / protecting jobs for a min 12 month period
• An SME (as defined earlier)
• No other state aid supporting purchase
• Business not in financial difficulty and new loan/HP requirements meets
usual bank lending criteria

10. Regional Growth Fund/Assisted Asset Purchase
Exclusions
• Property investment / development – property purchases are eligible if property is for own use and
held on Co Bal Sheet
• Air transport equipment
• Road freight transport for hire or reward – eligible if eg vehicle for a wholesaler who does their own
deliveries
• Fishery & Aquaculture
• Primary production of Agriculture products
• Coal
• Export Related Activities – case by case

11. Regional Growth Fund/Assisted Asset Purchase
 Retailer – £195K RGF and £600K loan towards purchase of additional retail premises for
expansion – KIV property must be for own use and held on Co Bal Sheet
 Building Contractors - £145K RGF grant and £600K loan towards purchase of new offices
 Tourism - £95K RGF grant and £380K loan towards assets to be used in refurb of
bar/restaurant/catering area and a small renewable energy scheme
 Restaurant - £150K RGF grant and £450K loan to purchase their freehold premises
 Manufacturing - £110K RGF grant plus loan of £385k to acquire a new R&D factory/
warehouse towards purchase price of £590K
11
Recent Examples

12. Regional Growth Fund/Assisted Asset Purchase
Summary and next steps
• Support SMEs with asset purchases that may have been discounted
• Bring forward growth plans and create/protect jobs
• Speak to Francis Clark or your Relationship Manager/Director

13. Mike Wall

14. The South West Loans Fund
Finance for growing SMEs in Cornwall
£50,000 to £250,000

15. The South West Loans Fund
FC Fund Managers has been responsible for investing and managing the larger
loan element of this £12m Fund into Cornwall and South West England
• finance allocated to the rest of the South West has already been invested
• there is SOME availability left in Cornwall
• loans from the Fund fit a growth businesses which cannot source all (or any) of its
finance requirements from traditional sources
• loans for most legitimate purposes can be considered
• repayment terms up to 5 years; fixed interest rate; early redemption without penalty
• Application is through a secure portal at www.fcfundmanagers.com
• The team can also be reached at 01872 272288

16. The South West Loans Fund
However there is very little left in the pot, so if you are a company which is:
• ambitious
• wanting to grow your sales, profit and jobs
• located in Cornwall (or about to be)
• constrained from achieving your goals through limited finance
• and you have a great business!
Make contact now, or very soon - don’t leave it on the back burner…

17. Private Equity or Loan Investments

18. Private Investments
FC Fund Managers may also be interested in private equity or loan investment
opportunities in its own right
• not subject to European or UK “fund eligibility” rules
• is there an opportunity to make money?
• turnaround or distressed situations can be considered
• short or medium term investments can be considered
• do you have a lucrative project but are held back from making it happen by a lack of
finance and/or connectivity?
• If so pick up the phone to 01872 272288
or message through the website www.fcfundmanagers.com

20. SANTANDER GROWTH CAPITAL
Paul Chadney

21. GROWTH CAPITAL FILLS THE FUNDING GAP
as identified in the Rowland Report

22. OUR BROAD CRITERIA – WHAT ARE WE LOOKING FOR?
Annual turnover
£0.5m – £25m
Demonstrable Growth
in a combination of
sales and / or profits
Track record of
operating profitability
and cash generation
Proven management
teams with ambition
Privately owned
businesses rather than
Private Equity backed
Not start-ups.
At least 3 years of
financial history

23. AREAS WHERE GROWTH CAPITAL SUITABLE
Capex investment to
support growth plans
Investment in New
Product Development
Investment in sales &
marketing overhead for
new products / areas
Acquisition funding
support
Funding of proven roll-
out concept
Expansion projects to
drive rapid growth

24. OUR GROWTH CAPITAL PROVIDES KEY BENEFITS
TO SMEs
Debt offering - No
warrants and no
dilution of equity
Preserves cash -
Interest only. Cash
interest is L+5%. Rolled
interest of 5%
Enhanced debt
capacity - Cash flow
lend not limited to
tangible security
No prepayment
penalty fees -
Provides flexibility on
term
Full banking and
security - No
automatic requirement
for PGs
Access to
Breakthrough
programme -
Additional support

25. BREAKTHROUGH PROGRAMME – NOT JUST FUNDING
The Breakthrough programme will invest £200 million in fast-growth SMEs, supporting local enterprise and community
initiatives, creating jobs, inspiring entrepreneurs of the future and turbo-boosting a private sector led economy
This initiative will help SMEs participating in the
Breakthrough programme to reach new
overseas markets if their growth plans and
ambitions are beyond the UK. It includes
subsidised trade missions, educational
roadshows and support accessing information
on exporting.
Santander is running a unique experience
programme for fast-growth SMEs that takes
them behind the doors of the world’s most iconic
and best fast-growth businesses, to learn first
hand how they did it – real experience to help
their own growth journey.
In keeping with our focus on responsible
business, Santander has launched a number of
initiatives to encourage more responsible and
inclusive business practice and to invest in
Social Enterprise development.
Santander is running regional Breakthrough Live
conferences for fast-growth SMEs. Working with
Santander Universities the Breakthrough Live
conferences bring together leading
entrepreneurs to share experiences.
Santander has launched an online portal for
SMEs participating in the Breakthrough
investment programme to access the best
student and graduate talent across our partner
University network – including Universities in
Scotland.
Santander has up to £200 million to invest in
fast-growth SMEs turning over between £500k –
£25m across the UK. The investment
programme will run over the next 3 – 5 years
and invest in up to 200 SMEs.
1. Breakthrough Growth Capital
4. Breakthrough Talent
2. Breakthrough Live
5. Breakthrough Responsibly
3. Breakthrough Masterclasses
6. Breakthrough International
www.santanderbreakthrough.co.uk

26.  Communications Technology
 Completed July 2012
 £1m Growth capital loan
 10 new jobs
 Vet Practices
 Completed July 2012
 £1.25m Growth capital loan
 120 new jobs
 Engineering
 Completed September 2012
 £0.4m Growth capital loan
 20 new jobs
 Legal Services
 Completed January 2013
 £1.1m Growth capital
 20 new jobs
 Software
 Completed January 2013
 £0.5m Growth capital loan
 6 new jobs
 Healthy Fast Food chain
 Completed March 2013
 £1.25m Growth capital loan
 150 new jobs
 Telecommunications
 Completed March 2013
 £1m Growth capital loan
 50 new jobs
 Software
 Completed March 2013
 £0.5m Growth capital loan
 14 new jobs
 Software as a service (SaaS)
 Completed April 2013
 £0.5m Growth capital loan
 14 new jobs
 Thai restaurant chain
 Completed September 2012
 £2.4m Growth capital loan
 90 new jobs
 Healthy Fast Food chain
 Completed May 2013
 £0.7m Growth capital loan
 50 new jobs
 Media services provider
 Completed April 2013
 £0.7m Growth capital loan
 15 new jobs
 Cleaning products
 Completed September 2012
 £0.85m Growth capital loan
 5 new jobs
 Women’s clothing e-tailer
 Completed September 2013
 £0.7m Growth Capital loan
 30 new jobs
SOME OF OUR GROWTH CAPITAL INVESTMENTS

27. THANKYOU
……a bank for your ideas!

28. Growth Capital Investors
Introduction to BGF.
Ned Dorbin, Investment Director
13 May 2014

29. Growth Capital Investors
Who we are.BGFisaninvestmentfirm
thatprovidesgrowthcapital
of £2m - £10m toUK
businesseswithturnoverof
£5m - £100m.
Funding for growth and equity release
Acquisitions, working capital, R&D,
capital investment, overseas
expansion, balance sheet etc
Investment of £2m – £10m for a minority
stake
Long-term and patient capital, no forced exit
Access to huge network and support
Fast and focused investment process

30. Growth Capital Investors
Selectionof our investmentsso far – portfolioof 53 companies….andgrowing!

31. Growth Capital Investors
Investment of £2m-£10m
Cash-in: to support long term growth
Cash-out: for existing shareholders
Equity stake of up to
40%
Always a minority partner – you retain control
Flexible structures –
equity / loan notes
Meets the needs of the company and
shareholder
No closed fund
pressures
Patient capital. No drag rights, no forced exit
Fair legal approach Less onerous investor legal protections
Fast and focused
investment process
Minimises disruption and fees
More than money Access to impressive network and support
What we can offer.
Workingalongsidethe
banks,BGFprovides
growthcapitalina waythat
meetscompanies’needs.

32. Growth Capital Investors
South West and
South Wales
James Austin
Investment Director
07872 819093
Ned Dorbin
Investment Director
07800 682195
Alex Garfitt
Investment Manager
07770 582021
Paul Oldham
Regional Director
07887 657697
Edwin Davies
Investment Manager
07880 384983
Greg Norman
Investment Manager
07557 747302

33. WestBridge Capital
Private Equity
British Private Equity
Awards Small Buyout
House of the year
nominee 2012
Guy Davies

34. Who is here today
British Private Equity
Awards Small Buyout
House of the year
nominee 2012

35. Agenda
1.Who we are
2.What we do
3.Example : Aero Stanrew
4.WestBridge 100 club
5.Summary

36. Who we are
• Private equity investor with offices in the South West and South
East
• Have completed 3 out of our four most recent deals in the South
West – Two more at an advanced stage
• Our money comes from pension funds, institutional investors and
the WestBridge 100 club
• We own our business and invest significant amounts of our money
in the businesses we support
• We have a top track record

37. What we do
• Partner with management teams to acquired businesses worth
between £5m and £15m
• Support these management teams with our experience to grow our
company’s so the are worth between £15m to £50m
• Provide development capital along the way if needed
• Seek an exit at a mutually acceptable time to release value for all
shareholders

38. Example: Aero Stanrew
Aerospace and Defence
business of the year
South West business
of the year

39. Example: Aero Stanrew
• Supported management buy-out in January 2012
• Target £50 million value in 5 years
• Leader in its tightly defined niche
• Exceptional management team
39
2011 20162012 2013 2014 2015
£8.5m
£30m to
£35m
Target
£50m
Values

40. WestBridge 100 club
• Successful businessmen who want to invest in businesses that
meet the WestBridge quality threshold and have undergone
rigorous due diligence
• We work with these individuals to provide new business leads and
introductions to accelerate growth of investee companies
• Investors can earn
• An attractive interest rate on c 90% of their investment
• A tax free capital gain (EIS)
• Target 3x money multiple.

41. Summary
• Private equity can be used to develop growing companies
• Suitable for established profitable companies
• Usually a change of ownership involved
• Private equity can add value
• Experience to support teams meet growth challenges
• Additional funds
• Business leads and introductions

43. B Y D AV I D B R O W N

44. • Alternative Funding
• A Market Place to bring lenders & borrowers
together
• Varied concepts across increasing number of
Companies and Platforms
• Business loans now available
PEER TO PEER/CROWDSOURCING DEBT

45. • Began in 2005 with Zopa
• 121% sector growth in 2013
• £1.2Billion cumulative Lending
• Now Regulated by FCA from April 2014
• UK has most advanced website platforms
• Folk2Folk 6th largest in UK
PEER-TO-PEER LENDING SECTOR

47. • P2P Companies match creditworthy borrowers
with investors looking for competitive returns
• Loans posted onto website and auction the right
to participate in Loans
• Subscribed by multiple lenders, loan executed
once sum raised
• Website based platforms with varied models used
in assessing Loans
HOW IT WORKS

48. • Secured Lending only
• Speed of decision making
• Auction letters of credit
• Local knowledge
• Face2Face in addition to online proposition
FOLK2FOLK IN THE SOUTH WEST

49. • Set up by the owners of Parnalls Solicitors
in Launceston
• Financial and Legal sector professionals
• Local expertise
• Quick decisions
• Personal touch
BACKGROUND

50. • Alternative option for their savings
• Attractive returns
• Secured loans
• Spreading risk
• Investing in the South West economy
LENDERS BENEFITS

51. • Fast Local decision
• Any purpose
• Interest Only
• Flexible
BORROWERS BENEFITS

52. SECTORS
43%
8%
20%
15%
8%
6%
Property Build/Purchases
Renewables
Commercial Development
Agriculture
Leisure
Other

53. Funding and
support round up
Nicky Cornish
Corporate/ Corporate
Finance

54. www.francisclark.co.uk
Grants, Debt, Equity and Support
• Superfast Cornwall Fund
- RGF funded
- £1,000 to £50,000 grant towards 50% of project costs
- SME looking to invest in “innovative technologies or activities that require
the use of superfast broadband”
- Cornwall and Isles of Scilly
• Superfast Business Cornwall
- ERDF Funded
- Grant + Support + Contacts
- SME
- Transformational project; superfast enabled
- Cornwall and Isles of Scilly

55. www.francisclark.co.uk
Grants, Debt, Equity and Support
Cornwall Development Company administered
• Business Investment in Growth (“BIG”) Voucher
Scheme
Grants of £1,000 up to £50k
Match funding
“step change” expenditure
High growth businesses
Average £9k / job created
Convergence
http://www.francisclark.co.uk/blog/general/business-investment-
for-growth-voucher-scheme

56. www.francisclark.co.uk
Grants, Debt, Equity and Support
Cornwall Development Company administered (ERDF)
• Business Innovation Fund
Grants from £1,000 to £50,000 for 50% of project cost
“Projects at any stage of development process for new and
existing products and services”
“Project has to involve buying in specialist services from CUC
universities, colleges and other Higher Education Institutions
(HEIs), Intellectual Property solicitors, Market Research agencies,
Process, Manufacturing or Product Design specialists”
ERDF European Funding eligibility applies.
http://www.francisclark.co.uk/news-views/blog/bif-bang-innovation-fund-for-smes-live-in-
cornwall/

57. www.francisclark.co.uk
Previously known as “Grant for R&D”
Science, Engineering and Technology: New Products and Services
Grant support for SMEs:
• Proof of market (9 months, £25k, 60%)
• Proof on concept (18 months, £100k, 60%)
• Development of prototype (2 years, £250k, 35% / 45%)
Competitive / Batch Applications
Smart v R&D Tax Credits - cannot have both for same project
Grants, Debt, Equity and Support
SMART

58. www.francisclark.co.uk
Grants, Debt, Equity and Support
• SMEs and Large Companies
• Part fund R&D Projects: eligible costs incl staff salaries, materials,
equipment etc
• Grants £25k to £150k
• Development of new or improved products, technologies, processes or
services
• Job creation and/ or safeguarding
• All funding to be issued by 30/4/15
• Application deadline 23rd May. Start with ROI form
• www.innovation4growth.co.uk
Innovation 4 Growth

59. www.francisclark.co.uk
Grants, Debt, Equity and Support
Other schemes
• European Fisheries Fund
 FLAG – Fishing businesses & Fishing communities
 Axis 2 – Fish Processing
• FITs, RHI etc.

60. www.francisclark.co.uk
Grants, Debt, Equity and Support
Others
• Energy Efficiency Financing Scheme
Siemens Financial Services and Carbon Trust
Business trading > 36 months
Investment in energy efficient equipment (and renewable energy
generation?)
Loan e.g., Interest rate c 9% for a 7 year term loan repayable in monthly
instalments.
• ReEnergise SmartEnergy Finance
Investment in renewable energy and energy efficient projects
£5m fund
SMEs – loans of £25k to £250k on commercial terms
Target sectors incl manufacturing, leisure and hospitality

61. www.francisclark.co.uk
Grants, Debt, Equity and Support
SWIG (RGF)
• Available to most sectors, including those ineligible
for European Funding
• Maximum loan amount £100,000 (average
£30,000). Minimum loan amount £10,000
• Maximum term 5 years. 10% fixed annual interest
rate
• Businesses must demonstrate investment will
create or safeguard jobs
• Available to start up and existing businesses

62. www.francisclark.co.uk
Grants, Debt, Equity and Support
Inspiras (Round 1 closed but further rounds anticipated)
• Open to private, public or voluntary sector organisations in Devon,
Cornwall, Somerset and the Isles of Scilly
• Short-term loans of between £100,000 and £250,000, typically
repayable over 3 years
• Support the implementation of innovative projects which could
potentially have a significant impact on the local (SW) economy
Jobs
Innovation
Environmental legacy
• No set intervention rate but expectation this will not exceed 75%
• Business Plans to have been reviewed by professional
• Gap funding

63. www.francisclark.co.uk
Grants, Debt, Equity and support
Routes to Equity
• “Friends, Families and Fools”
Include related businesses?
• Networks e.g., SWAIN,
• Conduits e.g., UEC Enterprises, GAIN?
• Virtual Networks e.g., Crowdcube
• Venture capitalists and Private Equity e.g.,
Business Growth Fund and Westbridge Capital

64. • Paul Saunders
• Group Finance Director
• Previously worked on a large Grant claim for a
Cornish Co + the Welsh Development Agency

65. • Established in 1988
• 6 Leasehold sites across Walker Lines Ind Est,
Bodmin
• £15m t/o. Producing 25m pasties, sausage
rolls and savoury slices.
• 183 staff

66. • Acquired freehold of the Fitzgerald Lighting
Factory from Administrators in 2009.
• Forecasted savings of £500k pa
• Potential audit weaknesses – jeopardise
listings.
• Uncompetitive – jobs at risk

67. • 1st Attempt – November 2010.
• Convergence Programme
• £800k Grant.
• Deferred due to Financial Weakness
• “On the Radar”

68. • PS appointed March 2012.
• Fresh Review of Grant availability
• Dave Bullen & Richard Wadman (FC)
• Lobbying continued

69. • 2nd Attempt – April 2012.
• Rural Economy Grant (REG)
• Unlock significant rural economic growth.
• £1m application watered down to £150k –
“small print”
• Deadline 30th April!

70. • 3rd Attempt – May 2012. “In it to win it”
• Regional Growth Fund (RGF)
• Deliver significant job safeguarding & creation.
• Expression of Interest (8 pages) by 18 June.
Outline plan of project spend & finance.
• Create 50 new jobs = £1.5m towards £3.75m
project

71. • On 20 July 2012 invited to complete full application –
Deadline 10th September 2012
• Full Formal Application = 7 pages
• Guidance Notes = 27 pages!
• A4 Binder to include: Business Plan (13 pgs)/Audited
accounts/ 2 yr Forecasts/Elements of Project
cost/Funding structure/Market Research/CV’s/Co
Policies/Independent Report/SWOT
• Assisted by Rubina Khan @ CDC

72. • SCRUTINY!! – 2 months
• Very constructive approach from David Furse
@ CDC
• Prep for Panel
• Project over run/contingency/non essential
aspects of project/job creation/ business
growth/funding

73. • Agreed by Panel on 13th November 2012 and a
conditional offer sent 5th December 2012 – 6
months since Expression of Interest
• Completion of the prescriptive procurement
process – involving tendering/defray by March
2015
• Evidence of all Funding
• Legal Charge
• “Claw back”

74. • DESPAIR – Despite grant award & obvious
savings and efficiency gains.
• January 2013 - Clydesdale Bank decided
against providing matched funding.
• Beauty parade
• Changed to Santander in July 2013
• Commenced build in October 2013

75. • PRACTICAL ISSUES.
• Bridging quarterly grant claims – impacts on cash
flow.
• Procurement process of tender/expressions of
interest/scoring/selecting/contracts – takes time
• I WOULD DO IT AGAIN
• PERSEVERANCE = GAME CHANGER FOR US

76. Scott Bentley - Partner
QUESTIONS
AND
ANSWERS?
10.55am to 11am

77. www.francisclark.co.uk
What happens next?
• 11.20 am to 12.25 am – “Of general interest”
• Banks
• Alternatives
• Business support: national and regional
• 12.25 pm – Networking
• Coffee
• One to one Q&A
• Introductions/ set up meetings?

78. www.francisclark.co.uk
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