BusinessGrowthProgrammePerformanceReport‐August 2022
ProgrammeOverview‐WhatistheBusinessGrowthProgramme?
TheNewAngliaBusinessGrowthProgrammeistheLEP’sflagshipbusinesssupportprogrammeandsinceSeptember2020comprisesoffiveelements:
• NewAngliaGrowthHub(GH),offeringfreeandimpartialadvicetoindividualsandbusinessesaswellassignpostingthemtoarangeofadditionalsupport.
• NewAngliaSmallGrantScheme(SGS),providinggrantsbetween£1,000and£25,000toSMEstoenablegrowth,increasedproductivityandjobcreation.
• TheVisitorEconomyGrantScheme(VEG),providinggrantsbetween£1,000and£3,000toSMEsinthevisitoreconomyimpactedbyCovid‐19(closedinJune2021).
• TheWiderEconomyGrantScheme(WEG),providinggrantsbetween£1,000and£3,000toSMEsinthewidereconomyimpactedbyCovid‐19(closedinJune2021).
• Start‐upandEarlyStageSupportProgramme,providingspecialistsupporttohelppeoplesetupasuccessfulnewbusiness–deliveredbypartnersNWESandMENTA.
TheProgrammewasdevelopedfollowingareviewofbusinesssupportin2013,andisoverseenbytheGrowthProgrammePartnershipBoardandLEPBoard.
ProgrammeyearsrunfromSeptembertoAugust,however,thedataispresentedasthefinancialyear,ApriltoMarch.
AllelementsoftheProgrammearebuiltintotheNorfolkandSuffolkEconomicPlan,withfundingforthecurrentprogrammecomingfromBEISandERDFfunding.
WhatistheoverallProgrammeStatus?
Finance Green Ontracktomeetthespendprofile.
Outputs Green Themajorityofoutputsareontrack.TheGrowthHubarebehindtheirlighttouch(3hours)andin‐depth(12hours)supporttargets.
Delivery Green TheProgrammeisperformingwellintermsofdelivery.
Whatareourkeyupdates?
Covidhadasignificantimpactondelivery,however,aprojectextensionhasprovidedtheabilitytocontinuetodeliversupportuntiltheendofJune2023.
Covidresultedinasignificantreductioninthenumberandvalueofgrantapplicationsandclaims,however,overthelastsixmonthswehavebeenasteadyincreasein
projectsapproved
Deliverypartnershaverespondedwelltoasignificantlychallengingenvironment,withdeliverymodifiedtomeetbusinessneeds,whilstensuringwemeetourcontractual
requirements
Themajorityofprofiledtargetshavebeenexceeded,inpartduetoarecentsignificantdemandforstart‐upsupportandpartnershipworkingtoensuresuccess.
DespitetheGrowthHubsupportingrecordnumbersofbusinesses,Covidhasmeantevidencegatheringwasalmostimpossible,whichhashadasignificantimpacton
targetsclaimed
OurContractManageratDULIChasconfirmedthatweareregardedasaverysuccessfulprojectthathasdeliveredhighqualitysupportinverychallengingcircumstances.
Whatisourfinancialposition?
Financials(£million)
Year 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/22 2022/23* 2023/2024* Total
ProfileSpend £0.306 £1.301 £3.443 £7.673 £6.108 £4.712 £4.957 £4.299 £1.859 £34.658
ActualSpend £0.306 £1.301 £3.409 £7.672 £6.107 £4.707 £3.897 £0.369 £27.768
RemainingSpend £0.000 £0.000 £0.034 £0.001 £0.001 £0.005 £1.060 £3.930 £1.859 £6.890
WhatisourcontributiontotheEconomicStrategy?
Targets
to
June2023
Deliveredto
endof
August2022
Monthly
Change
Numberofapprovedgrants 460 468 3
Businessesreceiving‘in‐depth’support‐morethan12hours 1,304 992 7
Businessesstart‐upssupported 1,563 1,669 1
Valueofgrantsreceivedbybusinesses £4.781m £3.562m £4,404
Privateinvestmentprovidedbybusinesses £17.329m £14.693m £5,384
Employmentincreaseinsupportedbusinesses 1,646 1,676 12
Businessesintroducingnewproducts 94 79 0
BusinessesreceivingInformation/Diagnostic/Brokerage 4,385 3,308 0
Whatistheprojectstatus?
Overall: Amber→
GrowthHub Amber→ Ongoingissuesgatheringtheevidencerequiredtoclaimlighttouch(3hours)andin‐depth(12hours)supporttargets.
SmallGrantScheme Green→ Workingwithpartnerstoensurethetargetismet
Start‐Up(Nwes) Green→
Start‐Up(Menta) Green→
Whatarethenextsteps?
PartnerstoproactivelypromoteandsupportSMEstoapplytotheSmallGrantScheme,toensurethatthefundingisallocatedanddrawndownbytheendoftheprogramme.
WorkcollectivlytoSupportSuffolkChambertoclaimasmanyoutputsaspossibletomeetourtargets,includingacampaigntoproactivelytargeteligiblebusinesses.
2022/2023ExpenditureProfile(£4.299million)
Workingwithpartnerstoensurethetargetismet
Workingwithpartnerstoensurethetargetismet
Targetexceeded
Ontracktomeettarget
Workingwithpartnerstoensurethetargetismet
Outputs‐CumulativefromSeptember2015toJune2023 Notes
Targetexceeded
Workingwithpartnerstoensurethetargetismet
Targetexceeded
QuarterlyspendforQ122/23
is£750kbelowourprofile
duetodelaysinbusinesses
claiminggrantawards.Thisis
predictedtoalsooccurinQ2
22/23
Q1‐22/23 Q2‐22/23 Q3‐22/23 Q4‐22/23
QuarterlyForecast £1.125 £1.117 £1.040 £1.017
QuarterlySpend £0.369
Variance £0.756 £1.117 £1.040 £1.017
0
1
2
3
4
Forecastand
ActualSpend
£Millions