New Applications for Approval (3)
a) Hollinger Print Limited - Agreed to support
Approved Grant: £57,000
Three full-time positions to be created.
(b) Equipmake Limited - Agreed to support
Approved Grant - £121,997
Seven full-time positions to be created.
(c) Richmond Defence Systems Limited - Agreed to support
Approved Grant: £70,000
Four full-time positions to be created.
Small Grant Scheme Update
JM provided update. The Panel noted the award of five Small Grant Scheme (SGS) grants in the month
of July 2019, totalling £40,237 (Grants Awarded) and six grants in the month of August 2019 totalling
£38,838 (Grants Awarded) - see Appendix 1.
The recent slow-down in grant applications has continued and JM/BH have been in discussion to look at
run rate and value of grants. BH reported the average grant value has dropped to £8047 in July and
£6473 in August, against the overall Programme average of £9470.
Project Change Request (PCR) | Programme extension
JM reported that it has been decided not to proceed with a request for additional funding as it was felt the
LEP may be put at financial risk to deliver the additional funding, however, an extension to the
programme will still be requested for an additional three months for the Growth Hub activity (including two
new Growth Hub Advisers) and small amount of funding for Start-Ups
It was noted that the Small Grant Scheme may be impacted by the introduction of the new Innovation,
Research and Development Programme because the scheme will offer up to 50% intervention rate as
against the Small Grant Scheme intervention rate of 20% (and up to 30% in assisted areas).
General discussion took place on intervention rates.
There will be a further call for funding in the New Year and if there is an uplift in grant applications will put
in for the additional funding then.
Interaction with Growth Hubs - observation made that business interaction with Growth Hubs can vary
according to area due to the variation in how the LEP and Growth Hub is set up.
Funding, Updates and Jobs Creation
BH updated the Panel on the overall funding position, job creation and updates on five previously
approved grants where there have been recent developments:
Growing Business Fund - £430k has been paid out since the last Panel meeting in August, making the
total for the year thus far £1.59m, with a further £922k committed including today’s Approvals, leaving
£1.341k still to be allocated.
A further 54 jobs have been evidenced since the last Panel meeting, making the overall total now 2,222.
Small Grant Scheme - BH advised that overall Small Grant Scheme spend is now £2,26m (251 grants)
with 37 further grants approved but not yet claimed - £470k. There is £496k still to allocate, but plenty of
time on SGS. We are £726k into the extension funds, approx. 43% and £47k into the February quarter’s
target of £151k. The recent slowdown has continued throughout the latest claim period to the end of
August; however, the Small Grant Scheme remains three months ahead of profile.
The new products and services target for the whole Growth Programme has now been passed (63
against target 53) and the jobs total from the Small Grant Scheme now stands at 117 (up nine) /(target
Nil).