Browse through our list of Frequently Asked Questions about the Accelerating Business Growth programme to find the answer to your query;
A: Your project is based within Lancashire if business rates are paid to one of the following 14 local authorities that cover the County;
A: In accordance with the European Union definition, a Small or Medium Enterprise is any enterprise with less than 250 employees and either less than 43m Euro’s turnover or less than 43m Euro’s net assets. If the enterprise is part of a group (more than 25% owned by another enterprise), then the above criteria must be met by the consolidated results of the group.
A: The fund is targeted at helping Lancashire based SME’s to create private sector employment. If you are a larger company you still may be able to access aid dependent upon the nature of the expansion project. For a more detailed discussion on whether you are eligible for aid please contact 0800 612 2029 or e-mail us at email@example.com.
A: Yes, a £750 charge per application will be levied on all successful applicants, following a positive decision by the investment panel. No grant offer letter will be issued until payment is received. No charge will be levied upon the submission of an Expression of Interest.
A: Due Diligence is a part-subsidised appraisal process to assess the robustness of the proposal and the applicant to deliver the projected outputs. Due Diligence consists of a technical and a financial appraisal of both the project and the applicant.
A: The Expression of Interest will be considered and a response given within 10 working days of submission. After submission of the Full Application, Due Diligence will then be undertaken, the length of which will depend upon the nature of the project and fullness of the information supplied. Summaries of this information will then be passed to the Local Investment Panels for consideration. Panels meet on a 6 weekly basis.
A: Aid offered under this scheme is delivered primarily through the De Minimis Regulations, which are regulations enforced by the European Union on the amount of grant funding allowable to SME’s in a given period. The regulation specifies that aid measures up to 200, 000 Euro’s per company over any period of 3 fiscal years do not constitute State aid within the meaning of the Treaty which means that Member States can grant these amounts of aid without any procedural burden.
Full details of the regulations can be found here;
A: The 3 Local Investment panels are made up of representatives from the private sector, Chamber of Commerce, technical experts, Local Authorities and Universities.
They will assess applications based in the following local authority areas:
FYLDE COAST – Blackpool, Fylde, Wyre.
CENTRAL – West Lancashire, Chorley, South Ribble, Preston, Lancaster.
PENNINE – Blackburn with Darwen, Rossendale, Hyndburn, Burnley, Pendle, Ribble Valley
A: Yes, these will be set out in the grant offer letter and will relate to targets agreed i.e. job creation in the application. Failure to fulfill these contractual obligations will result in claw back of all or part of the grant.
A: Click on the link below to view an example of the grant offer letter. Example of grant offer letter
A: No. Any funding included as part of the total project value, including grant, must not have occurred or been committed (i.e. order placed with suppliers) prior to written notification of a positive decision by the investment panel.
A: No. Only applications submitted by the company that is directly creating or safeguarding the jobs can be supported.
A: The Regional Growth Fund (RGF) is a national fund that supports projects and programmes that help businesses to grow, levering in private sector investment, creating economic growth and sustainable employment. It aims particularly to help those areas and communities currently dependent on the public sector to make the transition to sustainable private sector led growth and prosperity. Accelerating Business Growth is supported by the Regional Growth Fund.
Please note that due to matters beyond the control of Regenerate, any payment of RGF is subject to Government Funding