Regional Growth Fund Round 2

‘Bridging the Gap’ SME Growth Fund

Hampshire & Isle of Wight Insitute of Directors Update

Stuart Hill – Director, Solent LEP18th July 2012

The Solent LEPBoard Membership – Private Sector

Doug MorrisonPort Directror, Port of SouthamptonChairman of Solent LEP

Russell KewChief Executive, WightlinkLEP Board member

Stuart HillCOO, IBM Technology ServicesLEP Board member

Ernie BatteyMD, Morgan Sindel InvestmentsLEP Board member

Gary JeffriesMD, Hughes EllardLEP Board member

Chris AllingtonMD, Oxford InnovationsLEP Board member

Steve BarberChief Executive, XyratexLEP Board member

Philippe JouyMD, Warings ConstructionLEP Board member

The Solent LEPBoard Membership – Public Sector & HE

Councilor Ken Thornber CBELeader, Hampshire County CouncilLEP Board member

Professor John CravenVice Chancellor, University of PortsmouthLEP Board member

Councillor Gerald Vernon-JacksonLeader, Portsmouth City CouncilLEP Board Member

Councillor Richard WilliamsLeader, Southampton City CouncilLEP Board member

Councilor David PughLeader, Isle of Wight Unitary AuthorityLEP Board member

Councillor Sean WoodwardChairman, PUSHLEP Board member

The Solent LEPStrategic Priorities 2011 - 2015

Five Strategic Priorities will drive economic growth in the region

 1. Strategic Sectors – including Marine, Defence and Advanced Manufacturing

2. Enterprise – win and deliver the Solent Enterprise Zone Support for SME’s.

3. Skills for Growth - including apprenticeship and training initiatives

4. Infrastructure – improved transport, services, flood prevention, and broadband

5. Inward Investment – attracting new business to the Solent

The Solent LEPYear 1 Successes

Solent Apprentices for Business – Lead Chris Allington

Not-for-profit organisation providing businesses with a simple and cost-effective way to recruit high-calibre apprentices. Increase the number of job opportunities available to young people and support the economic growth of business - particularly SMEs.

Solent Enterprise Zone – Lead Gary Jeffries

One of 24 Enterprise Zones in the country, with £2.94m soon to be available for SMEs based on or moving to the Solent Enterprise Zone

Solent Growing Places Fund – Lead Ernie Battey

An £18million revolving (evergreen) capital infrastructure fund to unlock jobs and homes

Bridging the Gap – Lead Stuart Hill

A £2.1M SME ‘mini RGF’ Fund to drive growth and jobs in Start Ups and existing businesses seeking to expand

Enterprise

RGF - Central Government £2.4B Growth FundAims – GVA & JobsDeliver Sustainable private sector employment and economic growth in areas historically over reliant on the public sector and

Leveraging private sector investment

The Solent LEPRegional Growth Fund

Solent LEP Regional Growth Fund SuccessOnly 119 out of the 492 Round 2 bids received by Government were successful7 winning bids were in the South East – o/w three were supported by the Solent LEPThe Solent is one of only three LEPs to be directly awarded RGF funding.

RGF2 Solent investment includes Bridging the Gap and over £5.5m to improve Platform Road in Southampton.

The Solent LEPBridging the Gap – LEP Lead Stuart Hill

Opening up the large central fund to SMEs - Inviting bids between £5,000 and £50,000

The ambition of Bridging the Gap is to create and/or safeguard private sector jobs and to drive growth in 2 SME Groups:

£950,000 allocated as SME Start-Up Fund£50,000 of which ring-fenced for Young Entrepreneurs

£950,000 allocated as SME Growth Fund

And to drive and leverage private sector investment in the areas

The Solent LEP - in partnership with The News and the University of Portsmouth - has secured £2.1M from RFG Round 2 to run our own local ‘mini RGF’ which we have called Bridging the Gap

GeographicPortsmouth (50%)Gosport (40%)Havant (10%)

Job Creation and Safeguarding jobs

Bring Private Sector Investment

SME Growth Fund (50%)SME Start-Up Fund (30%)

Bridging The GapEligibilty

1. Two stage bidding process – EOI followed by full business plan submission

2. Support from The University of Portsmouth to assist in developing full business plan

3. Marketing support from The News

4. Bid assessment by independent Investment Panel – consisting of experts from all partner organisations, alongside banking sector, FSB, Havant and Gosport areas.

5. No end date – Panel will meet on a regular basis to allocate funding, but, submit your EOI early to avoid disappointment!

Bridging The GapBidding Process

In addition to Bridging The Gap £2.1M for Portsmouth, Gosport and Havant, we shortly launch:

The Solent Enterprise Zone Expansion Fund for Aerospace, Aviation & Marine

A further £2.94m for SMEs based on, or moving to, the Solent Enterprise Zone

Same challenge and evaluation process as Bridging the Gap

Bids between £50,000 and £200,000

Bridging The GapSME Support for the Enterprise Zone

Apprenticeship Grant for Employers – AGE

1.Wage grants to assist SME employers to hire an apprentice

2. Targeting 16-24 year old apprentices

3. Open until March 2013

4. Grant of £1,500 for wages plus contributions to the cost of the training element of the apprenticeship

5. £450,000 in wage grants available to support 300 new apprenticeships

3.Information available from the National Apprenticeship Service

The Solent LEPApprentice Hiring Support for SMEs

For more details…

www.solentlep.org.uk