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.

1. Jan Ward
Solent LEP Director
24th September 2013

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. 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. 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. 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. 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. 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. 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)
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The Process
Competitive process
Applications reviewed by a Panel of experts from the Solent LEP, BAE Systems
and Portsmouth City Council
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When to Apply
Open for applications – 28th August 2013
Round 1 – 27th September 2013
Round 2 – 15th November 2013

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
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When to Apply
Open for applications now

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