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Business Growth Programme
£3.9m of business support across Suffolk and Norfolk. The activity forms the enterprise element of the Ipswich and Norwich City Deals as was originally going to operate in just Ipswich and Norwich. however, we have worked to persuade civil servants that support should be accessible across Norfolk and Suffolk.
The programme is made up of five area of activity:-
Small Grant Scheme
This is a £1.4m of grants to create jobs in SMEs and sits beneath the Growing Business Fund.
SMEs are eligible for grants between £5,000 and £25,000 at 20% of costs, and in return we ask that they create one full time job for every £10,000 of grant given. The minimum number of jobs created is 1, even if a £5,000 grant is given to the business. The scheme is open to all types of SMEs (apart from primary agriculture) and has a simple application process, with support for applicants. The final date for applications is March 2015, as all grants have to be claimed by June 2015.
Business Start-ups
£750,000 of funding to increase start-up levels across Norfolk and Suffolk. In-depth start-up support will be provided by MENTA and NWES, including one to one support, advice and training. The programme would link to other business support activity to ensure that those taking part receive the support they require once they have started their business.
Innovation Voucher Scheme
£750,000 of support to increase levels of innovation through the provision of specialist support from UCS, UEA and NUA. The scheme will provide support valued between £5,000 and £20,000 with businesses having to provide match funding at a 1:1 ratio. Support will include a wide range of activity, including access to mentors, internships, consultancy and use of facilities.
Innovation Readiness Programme
Two specialist innovation advisors will be employed to provide advice and guidance to SMEs to sign post them local, national and EU innovation support and schemes, with an aim to double take up of innovation support across Norfolk and Suffolk.
Growth Hub
The Growth hub will for the umbrella under which all future businesses support will be delivered across Norfolk and Suffolk. The idea of the hub is to provide a framework under which a wide range of public and private business support activity can be easily accessed by business.
By taking a 'No Wrong Door' approach to business support, business will be able to access a wide range of business support, whoever they contact, as the Growth Hub will make cross referral between partners easy.
To ensure that businesses have good access to support, whoever they are located, nine Growth co-ordinators (including the two innovation advisors) will be based across the whole of Norfolk and Suffolk, with hotdesks located geographically around both counties. The sole aim of the co-ordinators is to signpost businesses to the wide range of business support, so they receive the support they need quickly and effectively.
there will also be a new Growth Hub wesbsite, build on the www.bizinfoportal.co.uk, where businesses can register and gain access to dedicated business support and guidance tailored to their business needs. there will also be access to a national business support telephone line (0300 456 3565), which will link back to the national and local support found on the website.
The Growth Hub will be delivered on behalf of New Anglia by Suffolk Chamber, with a new CMS system on track businesses through the different stages of business support.
Over the next year, the Growth Hub will engage with 3,000 businesses across the LEP area, with Growth Hub activity being rolled out from February and April 2014.