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N2 Business Growth Programme – Key Criteria
The N2 Business Growth Programme will provide grant support to businesses in Nottingham and Nottinghamshire. It will address areas of growth opportunity:
• In key growth sectors, life sciences, digital content, clean technologies and advanced manufacturing
• In supporting new high growth businesses, such as spin-out companies and technology-led businesses
The programme is designed to help overcome barriers to growth of private enterprise and is primarily aimed at local SME’s who need funding of between £20,000 and £250,000. The key eligibility criteria are:
· The investment and associated assets must be located and remain in Nottingham or Nottinghamshire.
· The investment must create new jobs that will last for at least 2 years.
· No investment will be made on work already started.
· No investment will be made unless all other funding routes have been exhausted.
· The investment will cover a maximum of 20% of the total project cost, the remaining funding must be in place prior to the grant being awarded.
· The investment will be made support a specific project and will require a brief description of the project, its location, the start date, the number of new jobs created, total project cost and the amount of grant funding requested.
Additional detailed points include:
· This is a grant programme, it is not a working capital or loan fund.
· The grants are subject to European Union State Aid rules which determine the eligibility of the business and the amount of intervention (if any) that may be considered. This is dependent upon the business size, ownership, financial strength, location, activity and the nature of the investment. The maximum intervention rate is 20% of eligible expenditure.
· The applicant company must create new jobs within 12 months of the grant payment and employ the individuals for a further 2 years. (Full time contracts of 30 hours or more per week).
· The grant needs to demonstrate value for money; the minimum cost per new job created should therefore exceed £8,500.
· Assets must be owned by the applicant company and remain on their balance sheet for three years. They cannot be owned by a pension fund or holding company nor can they be transferred or sold within three years of purchase.
· If assets are purchased with asset finance or by way of a loan or mortgage there has to be an obligation to own the assets (ie not an operating lease).
· Grants are paid in arrears on evidence that total eligible costs have been defrayed from the bank account of the applicant company; the applicant must demonstrate they have adequate bridging facilities in place
If your business and planned project meets these requirements we would like to hear from you. Simply complete the on-line application https://www.surveymonkey.com/r/LLMMWNC and we will review it and get back to you at the earliest opportunity.