regional growth fund round 2 ‘bridging the gap’ sme growth fund hampshire & isle of wight...
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Regional Growth Fund Round 2
‘Bridging the Gap’ SME Growth Fund
Hampshire & Isle of Wight Insitute of Directors Update
Stuart Hill – Director, Solent LEP18th July 2012
The Solent LEPBoard Membership – Private Sector
Doug MorrisonPort Directror, Port of SouthamptonChairman of Solent LEP
Russell KewChief Executive, WightlinkLEP Board member
Stuart HillCOO, IBM Technology ServicesLEP Board member
Ernie BatteyMD, Morgan Sindel InvestmentsLEP Board member
Gary JeffriesMD, Hughes EllardLEP Board member
Chris AllingtonMD, Oxford InnovationsLEP Board member
Steve BarberChief Executive, XyratexLEP Board member
Philippe JouyMD, Warings ConstructionLEP Board member
The Solent LEPBoard Membership – Public Sector & HE
Councilor Ken Thornber CBELeader, Hampshire County CouncilLEP Board member
Professor John CravenVice Chancellor, University of PortsmouthLEP Board member
Councillor Gerald Vernon-JacksonLeader, Portsmouth City CouncilLEP Board Member
Councillor Richard WilliamsLeader, Southampton City CouncilLEP Board member
Councilor David PughLeader, Isle of Wight Unitary AuthorityLEP Board member
Councillor Sean WoodwardChairman, PUSHLEP Board member
The Solent LEPStrategic Priorities 2011 - 2015
Five Strategic Priorities will drive economic growth in the region
1. Strategic Sectors – including Marine, Defence and Advanced Manufacturing
2. Enterprise – win and deliver the Solent Enterprise Zone Support for SME’s.
3. Skills for Growth - including apprenticeship and training initiatives
4. Infrastructure – improved transport, services, flood prevention, and broadband
5. Inward Investment – attracting new business to the Solent
The Solent LEPYear 1 Successes
Solent Apprentices for Business – Lead Chris Allington
Not-for-profit organisation providing businesses with a simple and cost-effective way to recruit high-calibre apprentices. Increase the number of job opportunities available to young people and support the economic growth of business - particularly SMEs.
Solent Enterprise Zone – Lead Gary Jeffries
One of 24 Enterprise Zones in the country, with £2.94m soon to be available for SMEs based on or moving to the Solent Enterprise Zone
Solent Growing Places Fund – Lead Ernie Battey
An £18million revolving (evergreen) capital infrastructure fund to unlock jobs and homes
Bridging the Gap – Lead Stuart Hill
A £2.1M SME ‘mini RGF’ Fund to drive growth and jobs in Start Ups and existing businesses seeking to expand
Enterprise
RGF - Central Government £2.4B Growth FundAims – GVA & JobsDeliver Sustainable private sector employment and economic growth in areas historically over reliant on the public sector and
Leveraging private sector investment
The Solent LEPRegional Growth Fund
Solent LEP Regional Growth Fund SuccessOnly 119 out of the 492 Round 2 bids received by Government were successful7 winning bids were in the South East – o/w three were supported by the Solent LEPThe Solent is one of only three LEPs to be directly awarded RGF funding.
RGF2 Solent investment includes Bridging the Gap and over £5.5m to improve Platform Road in Southampton.
The Solent LEPBridging the Gap – LEP Lead Stuart Hill
Opening up the large central fund to SMEs - Inviting bids between £5,000 and £50,000
The ambition of Bridging the Gap is to create and/or safeguard private sector jobs and to drive growth in 2 SME Groups:
£950,000 allocated as SME Start-Up Fund£50,000 of which ring-fenced for Young Entrepreneurs
£950,000 allocated as SME Growth Fund
And to drive and leverage private sector investment in the areas
The Solent LEP - in partnership with The News and the University of Portsmouth - has secured £2.1M from RFG Round 2 to run our own local ‘mini RGF’ which we have called Bridging the Gap
GeographicPortsmouth (50%)Gosport (40%)Havant (10%)
Job Creation and Safeguarding jobs
Bring Private Sector Investment
SME Growth Fund (50%)SME Start-Up Fund (30%)
Bridging The GapEligibilty
1. Two stage bidding process – EOI followed by full business plan submission
2. Support from The University of Portsmouth to assist in developing full business plan
3. Marketing support from The News
4. Bid assessment by independent Investment Panel – consisting of experts from all partner organisations, alongside banking sector, FSB, Havant and Gosport areas.
5. No end date – Panel will meet on a regular basis to allocate funding, but, submit your EOI early to avoid disappointment!
Bridging The GapBidding Process
In addition to Bridging The Gap £2.1M for Portsmouth, Gosport and Havant, we shortly launch:
The Solent Enterprise Zone Expansion Fund for Aerospace, Aviation & Marine
A further £2.94m for SMEs based on, or moving to, the Solent Enterprise Zone
Same challenge and evaluation process as Bridging the Gap
Bids between £50,000 and £200,000
Bridging The GapSME Support for the Enterprise Zone
Apprenticeship Grant for Employers – AGE
1.Wage grants to assist SME employers to hire an apprentice
2. Targeting 16-24 year old apprentices
3. Open until March 2013
4. Grant of £1,500 for wages plus contributions to the cost of the training element of the apprenticeship
5. £450,000 in wage grants available to support 300 new apprenticeships
3.Information available from the National Apprenticeship Service
The Solent LEPApprentice Hiring Support for SMEs
For more details…
www.solentlep.org.uk