The latest version of the Terms of Reference has been emailed to Panel members. Going forward it was
noted that Terms of Reference will be a standing agenda item for compliance.
New Applications for Approval (2)
a) LiMAR Oil Tools (UK) Limited - Agreed to support
Approved Grant: £70,690
Five full-time positions to be created.
Note: This is an assisted area award (Article 14)
Condition of Offer applied: Will need to see evidence of confirmed match funding.
Recommendation: The Panel recommended that the Growth Hub contact the business to offer
skills advice support.
DP reported that a Business Skills Advisor will contact the business following a successful
Growing Business Fund grant application as a matter of course to offer skills support advice.
(b) Plastech Industries Limited t/a Plastech Additive Manufacturing - Agreed to support
Approved Grant - £56,500
Three full-time positions to be created.
Note: Offer Letter to be addressed to Plastech Industries Limited.
Small Grant Scheme Update
JW provided update. The Panel noted the award of five Small Grant Scheme (SGS) grants in the month
of September 2019, totalling £56,100 (Grants Awarded) - see Appendix 1. It was noted that Display
Products Limited was an assisted area award (Article 14).
For the month of October, seven grants have been approved and one grant has already been approved
for November.
The Small Grant Scheme is still buoyant and remains ahead of profile.
Funding, Updates and Jobs Creation
JW updated the Panel on the overall funding position and job creation.
Growing Business Fund - actual spend this financial year now stands at £1,643, out of the initial
allocation of £2.79m – or 59%. There are 13 grants committed, but not yet claimed, totalling £871,964, or
a further 31% with the expectation that all grants will be claimed before the end of March 2020. Currently
there is £1.3m left less todays spend of £127, 190.
It was noted the recent slow-down in applications continues and the average grant remains at a lower
value.
A further 25 jobs have been evidenced since the last Panel meeting, making the overall total now 2,247.
GBF Applications ‘Pipeline’
JW reported that there is a healthy pipeline of applications coming through (totalling approx. £2.3m), at
various stages, but six remain waiting for planning permission and one or two are held up with
negotiations to move into an Enterprise Zone.
Hopeful of 2-3 applications being presented to the December Growing Business Fund Panel Meeting.
JW provided update.
Case studies - Emma Finn has a short-term contract to the end of March 2020 to produce nine case
studies (not all grant related) covering the whole of the Business Growth Programme. It was noted that
case studies are proving difficult to source. Emma is currently working on case studies for Musks
Sausages and Pecksniffs Bespoke Fragrances & Cosmetics Limited and has re-written and tidied up the
existing case studies on the Growth Hub website. As well as being on the website, case studies are
being disseminated via newsletters, social media (Facebook, Twitters, LinkedIn, etc.) and articles placed
in the local press.