Growth Through Innovation (GTI) - JM provided update.
The Panel noted the award of:
• five GTI grants in the month of June 2020 - see Annexe 2
• five GTI grants in the month of July 2020 - see Annexe 2
• eight GTI grants in the month of August 2020 - see Annexe 2.
Seeing an increase in applications coming through and is on course to meet Programme commitment,
however the projects coming forward are longer projects than envisaged so this will mean the
Programme will be behind in spend profile. GTI is doing well.
GTI case studies - no case studies done yet, as none have been paid. Will look to develop case studies
in due course.
Small Grant Scheme
The overall Programme total is now 302 grants paid, total paid out is £2.82m, with another 36 approved
but unclaimed grants totalling £346k. Due to withdrawals and some claims being lower than expected,
the amount of uncommitted funds has increased to £295k.
Growing Business Fund
Only a further £10k has been paid out, making £724k for the year to date. With today’s approvals,
commitments now stand at £1.06m which still leaves £1m left in the pot. There is quite a bit in the GBF
pipeline, so we need to prioritise the projects in the pipeline that can spend and claim before the 31
March 2021 deadline.
Growth Through Innovation Fund
No claims due yet, with the first due at the end of September.
Business Resilience & Recovery Grant Scheme
Since first grant approval on 07 May, there have been 63 grants awarded, totalling £2.4m, of which 50
have had an up-front first stage payment. There are another six applications with the Panel for
consideration, totalling £250k, and so far with those initial upfront payments have paid out £944k. Have
four final claims which is another £86k, so in total have paid out just over £1m and allocated nearly £2.5m
of the £7m pot. If the scheme continues at its current run rate run, it will not last beyond January/February
next year in terms of funding.
Acknowledged there are some ‘grey areas’ in the criteria as to what is ‘growth’ and ‘diversification’, so
one or two projects have been rejected and or re-directed to SGS or GTI as a more appropriate fit. All
the projects are looked at critically by the LEP and in some cases are not necessarily getting the full 50%
but the overall wish is to support as many businesses as possible, therefore the affordability criteria is
put into place when making the decision.
Noted that SCC team are struggling to keep up with the demand created by the BR&R scheme which is
on top of the other projects that also need to be claimed and paid.
Job Creation
Only another two more confirmed since the last meeting. Total for GBF and ‘old’ SGS is now 2,355. SGS
figure remains unchanged from last meeting of 138.5 and looks to stay this way for the foreseeable
future. This is not surprising given the current climate and SCC have made a ‘semi-conscious’ decision
to park job creation for the time being and will look at undertaking an exercise in the New Year to pick up
more jobs at that stage. BH outlined job criteria and general discussion took place on job creation under
the current climate.
BR&R and jobs saved by intervention - looking to conduct a one-off evaluation of BR&R scheme towards
the end of the Programme to ascertain whether business saved any jobs, created any jobs, and overall
impact.