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Solent Innovation Fund

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

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