Growing Business Fund

Terms of Reference

Purpose

To ensure the allocation of funding to the Growing Business Fund programme is delivered

appropriately and in accordance with the Assurance Framework through the mechanism of the

Growing Business Fund and that the funding allocation supports the delivery of the Economic

Strategy through individual projects.

Functions

•

Consider applications requesting financial support from the Growing Business Fund and

reach an agreed decision to support or reject each application.

•

Provide support to applicants and partners to ensure that a quality standard of application

and subsequently project is achieved.

•

Support New Anglia LEP and the New Anglia Growth Hub and in the promotion and

publicity of the Growing Business Fund to improve and sustain the flow of quality

applications for funding.

•

Approve grants to individual applicants with values between £25k and £500k in accordance

with delegated decision making powers from the New Anglia LEP Investment Appraisal

Committee (IAC).

•

Approve financial interventions in accordance with guidance on State Aid for SMEs.

•

Consider applications in line with Growing Business Fund criteria and in accordance with

the New Anglia LEP Economic Strategy.

•

Approve contract variation to funding agreements after initial approval by the committee

only where necessary.

Membership and Appointment

The committee will comprise a minimum of seven voting members. All voting members will be from

the private sector including the independent Chair. At least two member of the panel will be private

sector LEP board members of which one is a member of the LEP’s Investment Appraisal Committee.

They will act as LEP board champions for the GBF programme. Each Panel Member will be expected

to sign a Declaration, in confirmation of their appointment to the Panel and acceptance of these

Terms of Reference. Substitute attendees are not permitted at GBF panel meetings.

Two panel members will take the roles of Chair and Deputy Chair of the Panel. The full Panel will

elect them on an annual basis, at its April meeting.

Membership of the Panel is undertaken on a voluntary basis and is for a period of twelve months,

renewable at the discretion of New Anglia LEP and confirmed at the March Panel meeting, unless a

Member’s appointment is terminated.

A Panel Member may terminate membership of the panel by giving at least three months’ notice in

writing to New Anglia. New Anglia may terminate the Panel Membership of any Member if they do

not act at all times in accordance with these Terms of Reference. Panel Membership will be

terminated if the GBF programme comes to an end.

Quorum

Four members of the panel should be in attendance and in agreement for a decision to be made.

Those unable to attend can send electronic comments in advance by emailing the coordinator and

the chairman and these will be considered.

Budget Setting

The Investment Appraisal Committee will set the annual budget for the Growing Business Fund for

each forthcoming financial year and will agree any variance to the budget during the delivery year

should this be necessary.

Attendance of non-members at meetings

Officers from the LEP Executive will attend meetings and present reports but will not be entitled to

vote. Project applicants will not normally be entitled to attend meetings. Other attendees at the

meeting will include at least 1 representative of SCC (the accountable and delivery body) and at

least 1 representative of Finance East (the independent appraisers). In addition, 1 representative

from each of NCC and SCC’s Economic Development teams may attend to provide local knowledge

and context to the discussion. On occasion, a single representative from the Growth Hub may attend.

No-one other than the private sector voting members will have a vote on any of the applications.

Advisers

The Growing Business Fund uses independent appraisers to conduct the due diligence on each

applicant to the programme. Adviser contracts will be compulsorily reviewed every 3 to 5 years.

Meeting Frequency

Panel meetings will be held monthly, with dates, times and locations determined at least three

months in advance. Meetings will be located evenly between venues in Norfolk and Suffolk, usually

Ipswich and Norwich and arranged and coordinated by New Anglia LEP.

Panel Members will be expected to attend at least eight meetings a year. Any apologies should be

advised at least one week before meetings are held. Panel Members unable to attend a meeting

may submit their comments by email in advance, with any further relevant comments on each grant

application to be considered at that meeting. In some instances it may be deemed more efficient to

ask the whole panel to provide their vote by email, particularly if there is only one application to

consider. This will be ratified at the next actual meeting.

Decision making process

Panel Members should not enter into any discussion on applications prior to a meeting, other than

to clarify matters of detail in relation to those applications. Opinions on the eligibility or quality of

applications should be reserved for Panel meetings. Questions on matters of detail should be

submitted to Finance East, who will respond to all interested parties to ensure consistency of

information.

Declarations of Interest

If a Panel Member has a personal or professional pecuniary or non-pecuniary interest in any

organisation or project to be considered by the Panel, they should declare that interest at the

beginning of the meeting and leave the meeting before any discussion on that item commences. The

Panel Member will have no right to vote on that particular application.

In addition all panel members must complete the standard LEP register of interests form twice a year

and is responsible for ensuring this form is kept up to date. The form is published on the LEP website.

Delegated Authority including limits

The Panel will have a delegated responsibility from the Investment Appraisal Committee for financial

decisions up to £500k.

Authority is also delegated, through the GBF panel, to the ERDF funded Small Grant Scheme. The

SGS, an on-line panel will report decisions made to the GBF panel. The maximum award size under

SGS will be £25k.

Reporting procedures

The minutes of GBF meetings will be taken by a member of the New Anglia staff team and circulated

to all members of the LEP Board and will be published on the LEP website.

The minutes will not contain commercially sensitive information but will include the applicant name

and the amount awarded.

The GBF panel will also provide information on decisions taken for the IAC.

The minutes will include a record of decisions made by the Small Grant Scheme, which has

delegated financial approval from the Investment Appraisal Committee through the Growing

Business Fund panel. Minutes will be published ten days after meetings in accordance with LEP

governance arrangements. In accordance with new General Data Protection Regulations, panel

members will delete all emails relating to projects after meetings and destroy all papers.

Decisions taken by the GBF Panel and Small Grants Panel will also be included in the LEP’s Register

of Decisions which is published on the LEP website.

Communications

Meeting agendas will be circulated 5 working days before each meeting in accordance with LEP

governance arrangements. Agendas will include all appropriate papers required to support any

decisions to be made. Additional papers may be circulated by email between meetings as necessary.

Decisions will be communicated to applicants in advance of minutes being published.