Solent Innovation Fund - CURRENTLY CLOSED

The Solent LEP Innovation Fund is available to companies and organisations with innovative investment proposals for new technologies, equipment, infrastructure, facilities and estates in the Solent LEP area (see eligibility below)

Key Features

Amounts Available: £250,000 – £5,000,000

Investments Available: Grants, Loans, Forward Funding, Equity Funding

Funding Available: Capital funding only. The Innovation Fund cannot provide Revenue funding

Other Investment Required: 50% of the total project cost

Timescales: Submit a business case to us by 5pm on 31 October, 2017. Proposals must have a start date no later than 31 December 2018 and ideally be deliverable by 31 March 2020

Security: Where funding has been advanced other than in the form of a grant, the Solent LEP will also consider the most appropriate form of security for its investment. This may involve the use of charges and guarantees as well as negotiation with existing financiers. An assessment of credit worthiness and collateralisation will be required for all loan, equity or forward financing applicants.

Eligibility

To apply to the Innovation Fund your project must:

• Be from a private or public sector organisation, or from a private / public partnership.
• Be delivered in the Solent LEP area with clear evidence that the direct outputs (such as jobs or new employment floorspace) as a result of your project will be located in the Solent LEP area.
• Be a discrete and definable project, with clear links to outcomes. Applications for a programme of activity will not be considered.
• Have local funding contributions of at least 50% of the total project cost in place and there is an expectation that the project will unlock wider additional private investment.

Proposals that support SME's and/or demonstrate the direct creation of new, sustainable private sector full time jobs, or the safeguarding of sustainable private sector full time jobs will be prioritised.

How To Apply

Further information on the Innovation Fund is available here. The slides from our Innovation Programme Fund Workshop held on 4th September 2017, are available here.

To apply, please submit a Full Business Case to pipeline@solentlep.org.uk on or by the 31^st October 2017.  Full guidance and details on what to include in your Full Business Case are available in the Technical Guidance.

Please note, prior to 29^th September, there was an opportunity for prospective applicants to submit a pre-application form, and receive guidance on whether their project would be eligible for consideration.  Whilst this opportunity is no longer available, you may wish to contact the Solent Growth Hub for advice.