THIS LOAN FUND IS NOW CLOSED
The LEP is planning to distribute at least £1m of loan funding to SMEs, ranging from £15,000 to £99,000. We are looking to support a minimum of ten projects with the money available.
In order to apply, the loan amount you seek must not exceed 80% of the total cost of your project, and at least 20% of the total project costs will need to have come from your own funds or confirmed third-party funding. Subject to financial due diligence checks, the loan funding can provide a variety of benefits, including:
Projects must be able to demonstrate how they can achieve one or more of the following fund goals:
Our strategy sets out seven long-term priorities and to be successful applications must demonstrate how they will support the achievement of at least one of the below.
To express your interest in this Loan, please download the spreadsheet below, save it, update it, then email it to us at firstname.lastname@example.org
Your project must be located in the Solent Local Enterprise Partnership area and be a UK-based company to be able to apply for loan funding.
Take a look at the prospectus below to see the full list of eligibility criteria.
Only private sector SMEs operating in the UK and based in the Solent area can apply.
If you are still unsure whether your business or organisation is eligible for this loan fund, or you need any further assistance, please give us a call on 02392 688 055 / email@example.com. Our team will happily answer any questions you may have.
Projects must be able to demonstrate that they have the potential to meet one or more of the following fund objectives:
It’s vital that we measure the impact LEP loan funding has on the Solent region and the changes that occur as a direct result of the projects. Therefore, we are interested to hear more about what outcomes you hope to achieve with your project, and will prioritise projects that can accomplish one or more of the following:
We are eager to support projects that can provide an early start and delivery. Proposals will need to begin (on site) by the end of March 2023 and complete (practical completion of project) by June 2024.
We will give priority to projects that can demonstrate how all project funding and agreements will be in place to allow it to begin on-site by the end of December 2022.
We can only provide loan assistance to capital projects and are unable to consider grant funding requests.
Your loan funding application must be for a minimum of £15,000 and a maximum of £99,00 to be considered. The loan amount you apply for must not be more than 80% of the total cost of your project, with at least 20% of total project costs being confirmed from your own funds or confirmed third party funding.
Important – As part of the due diligence process, The Solent LEP and its accountable body will need to see a debenture or other form of non-personal security when you apply.
Applicants will need to complete the SME Priority Sectors Loan Fund Expression of Interest Form, which is available here. This will allow applicants to secure an early response on whether their application is eligible. Eligible applicants will be invited to complete the SME Priority Sectors Loan Fund application form (not available for download). This application form draws on the approach adopted by HM Treasury and the business case templates and guidance that is published here: The Green Book: Templates and support material - GOV.UK (www.gov.uk).
Once you have completed your application, email it to the LEP at firstname.lastname@example.org by 23:59 on Friday 8 July. Please make sure that you fill out the declarations and eligibility check list before submitting your application.
Sessions to support potential applicants. We highly recommend booking on to these to help with your application:
Independent expert due diligence and financial due diligence of applications carried out.
Please note, we might get in touch with you to clarify details mentioned in you application or to provide additional evidence.
The LEP Business Support Investment Panel (BSIP) will meet to review applications.
We will let you know the outcome of your application within five working days of the LEP Business Support Investment Panel (BSIP) meeting. If you are unsuccessful, you will have the opportunity to have a feedback call so we can explain why.
If you are unsure about any of the details we ask for when you apply, please feel free to get in touch with us:
By email to: enquiries@Solentlep.org.uk
Or by telephone on 023 9268 8055
Applications should be sent to email@example.com.
To watch a previous webinar about these Loans, click here.
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