BusinessGrowthProgrammePerformanceReport‐August2021
ProgrammeOverview‐WhatistheBusinessGrowthProgramme?
TheNewAngliaBusinessGrowthProgrammeistheLEP’sflagshipbusinesssupportprogrammeandsinceSeptember2020comprisesoffiveelements:
•NewAngliaGrowthHub(GH),offeringfreeandimpartialadvicetoindividualsandbusinessesaswellassignpostingthemtoarangeofadditionalsupport.
•NewAngliaSmallGrantScheme(SGS),providinggrantsbetween£1,000and£25,000toSMEstoenablegrowth,increasedproductivityandjobcreation.
•TheVisitorEconomyGrantScheme(VEG),providinggrantsbetween£1,000and£3,000toSMEsinthevisitoreconomyimpactedbyCovid‐19.
•TheWiderEconomyGrantScheme(WEG),providinggrantsbetween£1,000and£3,000toSMEsinthewidereconomyimpactedbyCovid‐19.
•Start‐upandEarlyStageSupportProgramme,providingspecialistsupporttohelppeoplesetupasuccessfulnewbusiness–deliveredbypartnersNWESandMENTA.
TheProgrammewasdevelopedfollowingareviewofbusinesssupportin2013,andisoverseenbytheGrowthProgrammePartnershipBoardandLEPBoard.
ProgrammeyearsrunfromSeptembertoAugust,however,thedataispresentedasthefinancialyear,ApriltoMarch.
AllelementsoftheProgrammewerebuiltintotheNorfolkandSuffolkEconomicPlan,withfundingforthecurrentprogrammecomingfromBEISandERDFfunding.
WhatistheoverallProgrammeStatus?
Finance
Green
Ontracktomeetthespendprofile.
Outputs
Green
Ontracktomeetitsoutputs(slightlybehindthejobtarget,3hoursand12hoursofsupport).
Delivery
Green
TheProgrammeisperformingwellintermsofdelivery.
Whatareourkeyupdates?
Todate,under£4.4mofSGSfundinghasbeenawarded,someprojectshavebeenwithdrawn,currentlythereisaround£5,000leftintheSGSbudget.
Thecurrent2021/22spendtargetoftheprogrammeis£4.501mwithaQ12021/22(Mar‐May)targetof£0.878m.
TheQ12021/22claim(Mar‐May)hasbeensubmittedtoMHCLG.CurrentlyworkingontheQ22021/22claim(Jun‐Aug).
AProjectChangeRequesttoextendGrowthHubandSGSactivitiesuntil30thJune2023andStartUpactivityuntil31stDecember2021hasbeenapprovedbyMHCLG.
Whatisourfinancialposition?
Financials(£million)
Year 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/22 Total
ProfileSpend £0.306 £1.301 £3.409 £7.672 £5.778 £5.092 £4.501 £28.059
ActualSpend £0.306 £1.301 £3.409 £7.672 £6.107 £4.707 £1.072 £24.574
RemainingSpend £0.000 £0.000 £0.000 £0.000 ‐£0.329 £0.385 £3.429 £3.485
*2019/2020actualspendwasupdatedfrom£6.055mto£6.107m
WhatisourcontributiontotheEconomicStrategy?
Target
Deliveredto
endofAugust
2021
Monthly
Change
Numberofapprovedgrants 360 440 1
Businessesreceiving‘in‐depth’support‐morethan12hours 1,138 919 7
Businessesstart‐upssupported 1,474 1,582 21
Valueofgrantsreceivedbybusinesses £3.507m £3,447m £34k
Privateinvestmentprovidedbybusinesses £14.029m £14,214m £138k
Employmentincreaseinsupportedbusinesses 1,676 1,585 13.42
Businessesintroducingnewproducts 69 74 0
BusinessesreceivingInformation/Diagnostic/Brokerage 4,260 3,190 4
Whatistheprojectstatus?
Overall:
Green→
GrowthHub
Amber→
Makinggoodprogresstowardsourtargets(slightlybehindthe3hoursand12hoursofsupporttargets).
SmallGrantScheme
Green→
Claiminggrantsisontarget.
Start‐Up(Nwes)
Green→
Performingwell,slightlybehindthejobtarget.
Start‐Up(Menta)
Green→
Performingwell,slightlybehindthejobtarget.
Whatarethenextsteps?
WorkwithpartnersandMHCLGtodeliveractivitythatmeetstheextendprogrammedeliveryperiod,untiltheendofJune2023.
Continuetoworkwithpartners,includinglocalauthoritiesandmembershiporganisations,toprovideongoingsupporttobusinessesaffectedbyCovid‐19.
WorkwithpartnerstoensurethatthenextprogrammeevaluationprovdiesthedetailsrequiredforMHCLG.
2021/2022ExpenditureProfile(£4.501million)
Ontracktomeettarget
Ontracktomeettarget
Workingwithpartnerstoensurethetargetismet
Targetexceeded
Workingwithpartnerstoensurethetargetismet
Outputs‐CumulativefromSeptember2015toNovember2021 Notes
Targetexceeded
Workingwithpartnerstoensurethetargetismet
Targetexceeded
Q1‐21/22 Q2‐21/22 Q3‐21/22 Q4‐21/22
QuarterlyForecast
£0.878 £1.125 £1.279 £1.219
QuarterlySpend
£1.072
Variance
‐£0.194 £1.125 £1.279 £1.219
‐1
0
1
2
3
4
Forecastand
ActualSpend
£Millions