New Anglia LEP Investment Appraisal Committee
Tuesday 25th June 2018
9am to 9:45am
W217, 2nd Floor, University of Suffolk,
Waterfront Building, Neptune Quay, Ipswich, IP4 1QJ
Agenda
No.
Item
1.
Welcome
2.
Apologies
3.
Declarations of Interest
4.
Minutes of previous meeting - 5 June 2019
5.
Horizon Paper - Confidential
Reporting - Growing Business Fund
6.
Growing Business Fund Performance Report
6.1
Growing Business Fund approvals
6.2
Small Grant Scheme approvals
Items for discussion
7.
Growing Places Fund - Loan criteria (Confidential)
8.
Large Company Grant Programme (Confidential)
9.
GPF Loan Update (Confidential)
10.
GPF Grant Request (Confidential)
Other
11.
Any Other Business
Date and time of next meeting: Tuesday 23rd July, 2019. 9am-9:45am
Venue: Norwich Castle, Norwich
1
Item 6 Growing Business Fund Performance Report
Programme Overview - What is the Growing Business Fund?
Launched in April 2013, the Growing Business Fund provides grants for businesses to enable growth, an increase productivity and job creation
Capital grants between £25,000 and £500,000 are provided at up to 20% of project costs for SMEs, with an enhanced rate for small businesses located in an Assisted Area
Funding for the Growing Business Fund is provided on an annual basis by the LEP's Growth Deal
The fund is accessed through the New Anglia Growth Hub with Due Diligence undertaken by Finance East
What is the overall Programme Status?
Green
Finance
For 2018/19 the programme was over spent, with an additional £1m of funding put into the scheme, of which £363K has been rolled into 2019/20
Outputs
Green
Based on recent grant applications, spend and pipeline, the scheme will probably over perform against the targets for the year2019/20
Delivery
Green
A steady pipeline of high quality applications is still coming forward, ensuring that the scheme continues performs well
What are our key updates?
Membership of the Approval Panel was widened at the end of 2018, to ensure the panel has the knowledge required to operate effectively
Following a slight decline in the Autumn 2018, the pipeline of applications has now picked up, with a good number of high quality applications coming forward for support
In early 2019, the LEP worked with Suffolk County Council and the Growth Hub to tweak the programme guidance, which now has a greater focus on LEP priorities
What is our financial position?
Financials (£ million)
Year
2013 to 2016
2016/2017
2017/2018
2018/2019
2019/2020
2020/2021
2021/22
Total
Profile Spend (£m)
£12.000
£3.536
£3.050
£5.096
£3.121
£2.790
£0.000
£29.593
Actual Spend (£m)
£11.999
£3.001
£3.049
£4.764
£0.145
£22.958
Remaining Spend (£m)
£0.001
£0.535
£0.001
£0.331
£2.976
£2.790
£0.000
£6.634
2019/2020 Expenditure Profile
2
1
0
Q1-18/19
Q2-18/19
Q3-18/19
Q4-18/19
Quarterly Forecast
£0.788
£0.788
£0.788
£0.788
Quarterly Spend
£0.145
£0.000
£0.000
£0.000
Variance
£0.643
£0.788
£0.788
£0.788
What is our contribution to the Economic Strategy?
Actual to end of
Monthly
Outputs April 2019 to March 2020
Target
Shortfall
Notes
April 2019
Change
Value of grants approved
£3,153,000
£170,000
£170,000
£2,983,000
Value of private sector match approved
£12,612,000
£681,915
£681,915
£11,930,085
Number of New Jobs to be Created
157
8
8
149
Value of grants claimed
£3,153,000
£145,182
£145,182
£3,007,818
Private sector match funding drawn down
£12,612,000
£920,278
£920,278
£11,691,722
Number of New Jobs Created
157
8
8
149
What is the project status?
The following table shows grants approved by sector since the start of the programme in 2013/14
Number of
Projects
Grants
Private
Total Project
Jobs to be
Sector
Approved
Approved
Match
Costs
Created
A - Agriculture, Forestry and Fishing
2
180,000
794,946
974,946
46
B - Mining and Quarrying
1
100,000
1,654,600
1,754,600
10
C - Manufacturing
116
13,378,233
88,353,956
101,732,189
1473.5
E - Water supply, sewerage, waste management and remediation activities
5
295,594
1,260,379
1,555,973
28
F - Construction
15
1,086,486
5,231,673
6,318,159
142
G - Wholesale and retail trade; repair of motor vehicles and motorcycles
23
2,677,428
51,288,938
53,966,366
370
H - Transportation and Storage
7
588,614
2,962,444
3,551,058
85
I - Accommodation and Food Service Activities
4
262,000
1,052,138
1,314,138
34.5
J - Information and Communication
9
685,700
3,409,616
4,095,316
70
K - Financial and Insurance Activities
1
30,000
79,425
109,425
3
M - Professional, Scientific and Technical Activities
18
1,737,372
12,400,472
14,137,844
195.6
N - Administrative and Support Service Activities
19
1,848,771
10,067,136
11,915,907
224
P - Education
1
20,000
102,191
122,191
4
Q - Human Health and Social Work Activities
1
31,580
126,320
157,900
3.5
R - Arts, Entertainment and Recreation
7
462,921
3,033,716
3,496,637
53.5
S - Other Service Activities
2
320,000
4,737,413
5,057,413
32
Total
231
£23,704,699
£186,555,363
£210,260,062
2774.6
What are the next steps?
The LEP is working with delivery partners, to ensure that the scheme has a greater focus on business growth and productivity
The Growth Hub are now following up participants that have attended 'Scale-Up' Programme events to identify SMEs that may be eligible for grant support, including GBF
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