Improving productivity and competitiveness in the Solent delivers wider benefits for the UK and requires targeted and sustained investment in both our businesses and our infrastructure. The Solent Prosperity Fund (SPF) has been made available to support the economy being more productive and prosperous, whilst strengthening the exceptional environment that the area benefits from.
The SPF for large projects aims to provide opportunities for organisations to deliver large capital projects that can deliver one or more of the following outputs:
Enabling / unlocking housing delivery;
Improved productivity in priority sectors;
Connecting communities and businesses (digital and transport);
Developing skills and talent needed by employers;
Pioneering innovation and research;
Strengthened natural capital infrastructure;
Waterfront employment sites;
Respond to key environmental challenges.
The LEP will also consider proposals for programme funding from organisations who can come forward with co-investment opportunities to support:
Accelerated Housing delivery;
Natural capital enhancements;
Low carbon energy innovations;
Growth in priority sectors.
How does it work?
The minimum funding request is £500,000 and the maximum threshold is £5,000,000. Grant, loan and equity investment is being made available to high quality and deliverable proposals that can commence (on site) by end of June 2020. Grant investment would need to be spent by by March 2021, however it is recognised that there may be proposals that might not come forward for this date, so loan funding will be available to March 2022. Full details can be found in the technical guidance document for the fund.
Project or programme applicants can ordinarily expect to apply for up to 20% LEP contribution (subject to state Aid). However, subject to state aid the LEP will consider an increased contribution for proposals that develop pathfinder projects in key priority sectors.
The LEP will consider project or programme applications for a maximum contribution of 70% of the total costs (subject to state aid). Exceptionally where proposals can evidence a clear failure of the market to provide an intervention critical to supporting the LEP's growth strategy.
For proposals seeking loan funding, the maximum loan contribution will be 70% of total project or programme costs.
The LEP investment could be made on the basis of an equity share where a commercial return could be realised by the Solent LEP. This arrangement would be specific to each project and would be based on the level of investment and risk involved. Please contact us via the form below if this is a route you would like to pursue.
How to Apply
There are 2 routes for Applicants to submit to the Large Projects & Programmes fund.
a. Route 1: Outline Business case to Full Business case (for project applications only)
Submit an Outline Business Case using the Application Template.
The Outline Business Case will be assessed by independent experts.
The LEP Board or Funding, Finance and Performance Management Group (FFPMG) will consider the application alongside the independent expert advice.
Projects will be invited to co develop full business cases with support from the LEP.
Submit full business case.
Full business case independently assessed and advice provided to LEP Board.
LEP Board make final investment decision.
b. Route 2: Full Business Case or Programme Proposal (for project or programme applications)
Submit full business case or programme proposal
The full business case or programme proposal is assessed by independent experts and advice provided to the LEP Board.
LEP Board make final investment decision.
For more information and to speak with a member of the Solent LEP Growth Hub team, complete the enquiry form below.
You may be interested in attending our Large Project or Programme briefing webinar. This webinar will provide you with in depth detail on the application requirements and processes. To register clickHERE. Project applicants may also wish to view this film that gives advice on writing a successful business case (please note that this video resource will be applicable to project based proposals only).