THIS LOAN FUND IS NOW CLOSED
The LEP has allocated at least £5m in loan funding for capital investment proposals ranging from £100,000 to £1,000,000, with a plan to support at least five projects. In exceptional circumstances, the LEP may consider applications above £1m. If your project does require more than £1m of loan funding, please get in touch with us before completing an application. The loan amount you apply for must not be more than 50% of the total cost of your project, with at least 50% of total project costs being confirmed from your own funds or secured third-party funding.
To receive loan funding help, projects must be able to demonstrate that they can achieve one or more of the following fund goals:
To express your interest in this Loan, please download the spreadsheet below, save it, update it, then email it to us at email@example.com
To apply, your project must be located in the Solent Local Enterprise Partnership area and be a UK-based company.
There are a few requirements your business must meet before applying. See the full list of eligibility criteria below.
In exceptional circumstances the LEP may consider requests for loan repayment over a period beyond 36 months, but no longer than five years (including any agreed repayment holiday period) for projects that can demonstrate a longer period over which significant outputs can be delivered.
Projects must be able to show that they can satisfy at least one or more of the following fund goals:
It’s vital that we measure the impact of LEP loan funding and the changes that result from the projects. We are therefore keen to learn more about what outputs your project will deliver, and will prioritise project that can deliver one or more of the following:
We are eager to support highly deliverable projects that can get up and running as soon as possible. We will need to see proposals that can get started (on-site) by the end of March 2023, and finish (practical completion of project) by June 2024. Priority may be given to projects that can be completed in a short period of time.
We will give precedence to projects that can demonstrate how all project finances and agreements are in place, and that the project will be ready to roll out by the end of December 2022.
We are making the loan funding accessible for a range of capital projects, ensuring that the money is distributed to projects of varying size. The minimum loan funding request threshold is £100,000 and the upper limit is £1m . The loan amount you apply for must not be more than 50% of the total cost of your project, with at least 50% of total project costs coming from your own funds or confirmed third-party funding. We are unable to accept grant funding requests.
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 Prosperity Loan Fund Expression of Interest (EoI) 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 Prosperity Loan Fund application form (not available for download). The 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).
EoI forms should be sent to the LEP at firstname.lastname@example.org by 23:59 on Friday 8 July. Don’t forget to complete the declarations and eligibility check list before sending off your application.
Sessions to support potential applicants. We strongly advise attending the below events to assist with your application:
This is to ensure you are eligible to apply before you spend time filling out a full application form.
Independent expert carries out due diligence and financial due diligence checks of applications. Please be aware that we may ask you to answer more questions or provide further evidence.
LEP Funding, Finance and Performance Management Group (FFPMG) will meet to review the applications.
We will let you know the outcome of your application within five working days of the LEP Funding, Finance and Performance Management Group (FFPMG) meeting. If you are unsuccessful, we will happily offer you a feedback call to tell you why.
For successful applicants.
If you have any general questions regarding any of the information provided in this document, please feel free to get in touch with us using the details below:
Email us at: enquiries@Solentlep.org.uk
Or give us a call on 023 9268 8055
Send your applications to: email@example.com.
To watch a previous webinar about these Loans, click here.
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