BH updated the Panel on the overall funding position and job creation.
Growing Business Fund - actual spend this financial year now stands at £2.533m, out of the initial
allocation of £2.79m. We are now close to full spend and with the one grant approved today of £73,400,
we have c.£130,000 left of the original allocation for the year. There are now only three other grants
committed but not yet claimed totalling £117,000, which means we could be starting the new financial
year with no commitments to carry forward.
The initial allocation for 2020-2021 is again £2.79m, therefore, if we start with no commitments, to
actually commit and spend £2.79m will be a tall order to achieve. Ideally, we need some large projects
coming through early in the year but even so we may not be paying anything out in Quarter 1 or Quarter 2
and the LEP Board needs to be made aware of this.
BH highlighted the need to look critically at the type of projects being supported, and their timescale, in
order to achieve spend and ensure they are paid out by the end of March.
JM reported that he had spoken with the new Growth Hub Manager, Richard Glinn, to brief the Business
Advisers of this, and it will be brought to their attention at the LEP/Growth Hub Team Away Day on
Tuesday, 11 February 2020.
A further 63 jobs have been evidenced since the last Panel meeting, making the overall total now 2,310
which with the 132 jobs confirmed from the Small Grant Scheme gives an overall figure approaching
2,500 jobs. This is a significant number.
JW provided update.
Growth Hub website - now live and being continually updated.
Case studies - Five of the nine case studies have been completed, covering the whole range of business
support, including grants. Focus is on getting these into the press and on social media.
Printed material/visual materials - order been placed and gone to print, with pop-ups already delivered.
Press releases – aim to release one per month
Having reached some benchmark figures, the Panel members felt it was a good time to promote and
increase the visibility the LEP and the various business support schemes to make businesses aware that
support is available and ongoing despite the current economic uncertainty with Brexit..
A marketing campaign (LEP and Growth Hub) covering all grants is now underway and will be ongoing.
Action: JW to speak with the LEP/Growth Hub Comms teams to get key points from The
GBF Panel out the same day on social media via LinkedIn, Twitter, etc.
Action: JW to bring the new printed literature for GBF Panel members to distribute.
Scale Up website - now has 180 members signed up to it which has exceeded expectation.
Scale Up events - Next round table event planned for 27 February 2020 - details on the website.