Business News
A new fund to help Portsmouth, Gosport and Havant create jobs.
Mon, 18 Jun 2012 10:28:00 BST
Bridging the Gap
A new fund to help Portsmouth, Gosport and Havant create jobs.
On Friday 15 June 2012, the Solent Local Enterprise Partnership (LEP), Portsmouth News and the University of Portsmouth launched a new £2 million grant fund for business, ‘Bridging the Gap’.
The fund gives grants to businesses in Portsmouth, Gosport and Havant to help them create new jobs, it is funded by the Government’s Regional Growth Fund (RGF).
Who can apply for a grant under the scheme?
Bridging the Gap is split into two, with £950k for start-up companies and £950k for established SMEs (under 250 employees). The business must be based in Portsmouth, Gosport or Havant.
Typically, funding is available up to £50k per application, which does not have to be paid back, but funding is linked to job creation.
Are there any conditions to a successful application?
The funds aim is to create jobs and this outcome is a condition of any grant awarded. To benefit from the fund businesses will need to show clearly how the activity being funded will directly create jobs.
How much will companies have to contribute?
All companies will have to bring their own funding to ‘match funding ’ to support their grant applications. For start ups, they will need to provide 30% of the project costs, with the grant providing the remaining 70%. For an established SME, this split will be 50% from the company and 50% grant funding.
Additional help with matched funding may be available for creative industries businesses and University of Portsmouth Students through the Enterprise Loan scheme managed by Parity Trust. More details are available on their web page, please follow this link.
How do I begin the application process?
In the first instance the ‘Bridging the Gap’ board are asking for an expression of interest (EoI) to be submitted by 31 July 2012. Once it has been submitted the expression will go to a board and accepted projects will be asked to progress to the application stage. If you are asked to apply a member of the University’s Purple Door team will contact you to discuss the support the University can offer. The application pack is available to download here (click on Regional Growth Fund).
A number of Workshops have been organised to advise businesses on the application process, these are now all full or have taken place. The LEP is organising 1-1 telephone advice sessions, to arrange one of these call 023 92688649.
Gosport workshop - 11th July 2012 - Facilities kindly provided by The Gosport Business Centre. The Gosport event is now full, if you would still like to attend a session, please register for the Havant briefing.
What if I have further questions?
Should you have further questions, please contact a member of the team using the details on our contact page.
