Supporting Your Business in Nottingham. K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

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1 Supporting Your Business in Nottingham v1 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

2 Supporting Your Business in Nottingham Foreword Contents As a city dedicated to achieving the enormous potential for growth we see around us, Nottingham is working towards the set up of funds and initiatives that will further our economic aspirations. The right tools and support are vital in allowing the businesses and entrepreneurs in our city to develop themselves and their companies and bring about the second industrial revolution that we hope Nottingham will be in the forefront of. With that in mind, a suite of products and services has been put together with the aim of making that vision a reality. From programmes such as Growth 100, which aims to fast-track local entrepreneurs to develop their companies to a position where growth and international trade can be achieved, to funding such as N Tech, which provides up to 1,000,000 to companies operating in the city s key growth sectors digital content, life sciences and clean technologies we have aimed to cover the gaps in the support that is available to growing companies. In addition, funds such as the Creative Quarter Loan Fund can support businesses located in strategically important areas of the city. We also recognise that addressing the skills gap is another concern for local employers. So we have created services such as our Apprenticeship Hub, a service that can provide support and grants of up to 9,000 to develop an apprentice for your business and our Nottinghamjobs.com service, developed in partnership with Job Centre Plus, that can provide a free recruitment service to locate the right people for your company. This booklet has been compiled to provide you with an overview of the different business support programmes currently available in Nottingham. Over the next few pages you ll find a summary of the different products and services offered by Nottingham City Council as well as those of our partners. We hope this support will enable the businesses that work around us every day to contribute to the regeneration of our city into the creative, connected, cost-competitive business hotbed we know it can be and join us in our commitment to growing Nottingham. Nottingham is the bellwether of the UK economy Mark Carney, Governor of the Bank of England Apprenticeship Hub 4 Creative Quarter Loan Fund 6 Creative Quarter New Business Rate Relief Scheme 8 Employer Hub 10 Get Ready for Business 12 Growth 100 Programme 14 Nottingham Investment Fund 16 Nottingham Jobs Fund 18 Nottingham Technology Grant Fund (N Tech) 20 Small Loans for Business 22 Unlocking Investment for Growth 24 Vacant Shops Grant Scheme K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

3 Supporting Your Business in Nottingham Apprenticeship Hub Apprenticeships Until March 2014, employers can access up to 9,000, depending upon circumstances and the level of apprenticeship training provided Nottingham City Ongoing The aim of the Apprenticeship Hub is to increase the number of apprenticeship opportunities available to young people living in Nottingham by creating 1,000 new apprenticeships by March The Apprenticeship Hub can offer employers a bespoke package of support, including: Identifying the best apprenticeship framework to ensure your apprentice develops the skills you need. Supporting with the recruitment and selection of your apprentice. Providing access to our pool of apprenticeship ready candidates. Promoting vacancies with key partners, including Jobcentre Plus. Identifying the best organisation to deliver the training element of the apprenticeship. Post-appointment support. Accessing any financial support for which you may be eligible. Assistance with premises, via the Invest in Nottingham team. 4 In addition, the Apprenticeship Hub also works with local stakeholders to raise awareness of apprenticeships to young people and their parents, whilst supporting young people to develop the relevant skills needed to meet the demands of an apprenticeship. Alex Reader, Nottingham City Council alex.reader@nottinghamcity.gov.uk Nottingham has seen a 36% rise in the number of 19 to 24 year old Apprenticeship starts in the past year, compared with a 3% rise nationally. 5 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

4 Creative Quarter Loan Fund Loan funding 500 to 25,000 Creative Quarter (Lace Market, Hockley, Sneinton Market and the Island Site) Ongoing The Creative Quarter Loan Fund provides loans from 500 to 25,000 at a preferential rate to new start-ups and existing businesses based within the Creative Quarter. These are repaid over a period of up to five years. The loans can be used to: Secure services Purchase equipment Meet a shortfall in funding for specific new projects The 1m Fund is managed by First Enterprise Business Agency on behalf of Nottingham City Council and will be available over the next five to ten years. Loans are available for businesses currently located in or relocating to Nottingham s Creative Quarter. This encompasses the Lace Market and Hockley, as well as Sneinton Market and the Island Site. Neil Millington, First Enterprise Business Agency nmillington@first-enterprise.co.uk Specialist App publisher ICN relocated its entire team and business to Nottingham to grow its business and take advantage of expansion opportunities. Impressed with the proactive response from the city s Invest in Nottingham team, ICN was helped to find appropriate office space and negotiate favourable lease arrangements and was awarded a Creative Quarter Loan of 25,000 to assist with set up and growth plans. Founder and chief executive, Geoff Baker: We were looking at several relocation options mostly regional city bases but Nottingham just stood out from first contact to final move. The level of support was exceptional and its focus on incubating digital sector small business within the new Creative Quarter, perfect for us. Within three years Geoff sees ICN employing 30 people and co-ordinating majorityowned subsidiaries in the largest global smartphone and handset markets of India, China, Japan, Brazil, the US and Mexico. 6 7 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

5 Creative Quarter New Business Rate Relief Scheme Business rate relief Up to 100% rate relief for companies in eligible properties with a rateable value of up to 18,000 Creative Quarter (Lace Market, Hockley, Sneinton Market and the Island Site) 12 months from the point of application Kathy McArdle, The Creative Quarter Company kathy@creativequarter.com Wired is a new café bar located within the Creative Quarter already set to create new employment in the city centre with five local residents joining the business. Owners Très and Vanessa Gretton-Roche: We want Wired to act as a catalyst for everything creative; whether that s networking, building links with other independent businesses, encouraging involvement and engagement with Nottingham s creative community or being the conduit through which people can find out what s going on in and around the Creative Quarter. The rates relief scheme has been brilliant. This support from Nottingham City Council has really enabled us to locate Wired where it needs to be and has enabled us to focus our resources on getting up and running. Under the Government s Small Business Rate Relief Scheme for England, businesses are already eligible for rate relief if they occupy one property with a rateable value of below 12,000. To supplement this and provide additional support for businesses, Nottingham City Council has also established a pilot business rate relief initiative within the Creative Quarter. The Creative Quarter New Business Rate Relief Scheme will extend the existing national Small Business Rate Relief to 100% for start-up or existing businesses relocating to properties in the Creative Quarter from outside of the Nottingham City boundary with rateable values of up to 18,000. Applicants will need to evidence that they will locate in the Creative Quarter for at least 12 months. 8 9 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

6 Employer Hub The Employer Hub helped 486 unemployed people get jobs in 2012 / 2013 and aims to get 1,100 into work in 2013 / Employment support Some funding is available for training and recruitment upon request Nottingham City Ongoing Employer Hub, Nottingham City Council employer.hub@nottinghamcity.gov.uk The Employer Hub is a specialist service that gives employers a single point of contact to match their recruitment needs. The Hub is designed for all businesses large or small, established or new that need to fill jobs in Nottingham. The Hub brings together the resources and expertise of a unique network of partners and specialist training providers to offer a tailor made package of support. This includes a dedicated account manager and one-stop approach to all recruitment needs. The Hub provides a centralised web resource that advertises vacancies to all active jobseekers in Nottingham and can source suitable interview facilities if required. It can also help to sift or prescreen candidates. The Hub also works closely with employers to design bespoke training packages to ensure that potential employees have an understanding of the sector they hope to work in. This includes preparing them for the recruitment process and providing a bridge to the employer s induction process. Courses range from one day to several weeks K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

7 Get Ready for Business Business support for growth and grant funding 500 to 5,000 or 40% of the total project costs. In exceptional circumstances the grant may be increased. East Midlands (Ashfield, Bassetlaw, Bolsover, Boston, Chesterfield, Derby City, East Lindsey, Leicester City, Lincoln, Mansfield, Nottingham City, Oadby and Wigston) Until June 2015 Grow Your Business is aimed at business owners or managers wanting to benefit from business mentoring or coaching and improved leadership skills. The programme includes: Personalised business needs assessment. Mentoring / coaching on client premises (3 x 2 hours of one to one support). Leadership mentoring (e.g. investments, recruitment, change management, restructuring). Business training masterclass. Access to the Evolve Forum for peer to peer networking. Grant funding (subject to area and eligibility). One free advert placement in the NBV e-magazine. NBV Enterprise Solutions Ltd enquiries@nbv.co.uk A start-up wedding and event stationery business has gained national recognition after it was launched with the help of NBV. Owner and designer Lisa Hall set up East View Designs, in Newark this year, after being set on the right path at an NBV business start-up seminar and later with support from a one-to-one advisor. She said: It was very useful to share ideas and ask questions. It motivated me and I really enjoyed meeting other like-minded people. Crafting items for special occasions, Lisa s portfolio includes greeting cards, gift boxes and personalised frame prints. The growing business was this year shortlisted in the Wedding Stationery category of website hitched.co.uk s national 2013 Breakthrough Awards K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

8 Growth 100 Programme Business support for growth N/A Nottingham City The programme will be delivered in three nine month cohorts starting in April 2013, January 2014 and September 2014 The Growth 100 programme has been developed to help local businesses reach their full potential, enabling job creation and growth. The programme, which is delivered by the University of Nottingham Business School, is part of the Nottingham Growth Plan and funded by Nottingham City Council and the European Regional Development Fund. It provides tailored intensive support to business owners to enable them to develop themselves and a business growth plan to direct their strategy for expansion. Growth 100 provides high quality, practically focussed business and management education, delivered over a number of sessions. The emphasis is on developing the practical skills and knowledge that business leaders require to grow their business. Sessions are run by a combination of academic experts, business specialists and local entrepreneurs. Alison Simpson, Nottingham City Council alison.simpson@nottinghamcity.gov.uk Coaching and recruitment company My Jobs Place, is targeting a multi-million pound turnover after benefitting from the Growth 100 programme. Formed by in partnership with two co-directors, Ian Grewcock launched the company in 2011 after spotting a gap in the market. Ian describes his eureka moment as wondering why the approach used by companies such as Rightmove was not being used in employment. The business plan is centred on the goal to be specialists in key recruitment niches. The business intends to be a multi-million pound operation by its fifth year K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :39

9 Nottingham Investment Fund Equity investment 100,000 to 2 million Nottingham City and Nottinghamshire Investment period up to 2018 The Nottingham Investment Fund is a 40 million equity investment fund designed to support high growth businesses in Nottingham and Nottinghamshire. The Fund is managed by Foresight Group and will make investments of up to 2m in a portfolio of early stage and established small and mediumsized enterprises (SMEs) with the aim of delivering a commercial return for investors. The Fund will have a generalist mandate and will invest across all sectors, targeting the most promising high growth businesses. To secure good commercial returns, investments will principally be made in established high growth companies that have clearly demonstrated market traction for their products or services and which are profitable. However, early stage investments will also be made. The Fund will look for experienced management teams, attractive market characteristics and a defensible competitive advantage. The Fund will invest only in opportunities where there is a realistic prospect of good commercial returns and a credible route to exit within five years of the initial investment. 16 Foresight Group hwood@foresightgroup.eu (Helen Wood, Office Manager) Russell Healey, Partner at Foresight: We are delighted to have opened our regional office in Nottingham s Creative Quarter. Foresight wanted to have a presence right here in the heart of the city and region, and we look forward to working closely with the City and County Councils, with our institutional investors and with the regional business community in supporting growth businesses in the area. 17 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :40

10 Nottingham Jobs Fund Employment support Maximum 4, per placement Nottingham City 2013 to 2014 Bernie Yorston, Nottingham City Council The Nottingham Jobs Fund is an employment scheme created by Nottingham City Council to help 400 currently unemployed people aged 18+ into work. The Nottingham Jobs Fund can: Pay 50% of the salary for every unemployed person for one year (dependent upon company size). Help in recruiting suitable candidates. Support employers and employees throughout the duration of the placement. 18 The Nottingham Jobs Fund, launched in 2011, originally aimed to get 240 people into work. The scheme has just seen its 400th Nottingham resident secure a job and has raised its targets further for the next year. 19 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :40

11 Nottingham Technology Grant Fund (N tech) Grant funding 20,000 to 1 million Nottingham Core City area (Nottingham City, Broxtowe, Gedling, Rushcliffe and Hucknall) From 01 April 2013 to 30 September 2014 Lewis Stringer, Nottingham City Council lewis.stringer@nottinghamcity.gov.uk The Nottingham Technology Grant Fund (N Tech) is designed to support business growth and job creation within Nottingham s three priority sectors (digital content, life sciences and clean technologies). The programme is open to small and medium-sized enterprises (SMEs) located within the Nottingham Core City area and provides grants of between 20,000 and 1m. is available for: the exploitation of intellectual property the development of new technologies capital investment in infrastructure 20 A unique walling system using recycled waste material from coal fired power stations has been launched by a Nottingham business. Sym-Wall Building Technologies Limited was awarded a 75,000 grant from the Nottingham Technology Grant fund to help develop its revolutionary low-carbon modular wall panel technology. In addition to the UK and EU, the company is already in talks with builders and developers in Australia, Asia and South America and aims to set up local manufacturing and supply operations under joint venture licences. The product, known as Sym-Wall, is produced from a synthetic waste form of gypsum, the result of the cleaning of emissions from coal-fired power stations. 21 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :40

12 Small Loans for Business Loan funding 3,000 to 50,000 East Midlands Ongoing First Enterprise Business Agency Small Loans for Business provides business loans to individuals, aiming to support good business ideas that could be difficult to fund through other means. Loans can be used to: Secure services. Purchase equipment. Meet a shortfall in funding for specific projects. Loans of 3,000 to 50,000 can be borrowed over a period of between one and five years to turn new ideas into a new business or grow and existing business. Applicants must be able to contribute a minimum of 30% of the value of the loan. An arrangement fee of 2% and security fees are payable. Typical APR is 11.5% to 14.5% K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :40

13 Unlocking Investment for Growth Grant funding 50,000 to 500,000 D2N2 Local Enterprise Partnership area (Derby City, Derbyshire, Nottingham City and Nottinghamshire) From 01 April 2013 to 30 September 2014 East Midlands Business The Unlocking Investment for Growth (UI4G) programme aims to stimulate direct investment and job creation within the D2N2 Local Enterprise Partnership (LEP) area. UI4G provides businesses with up to 25% grant funding in support of capital investment projects where they are unable to raise the necessary finance to purchase fixed assets. The programme is open to businesses with the LEP area and is focused on six priority sectors. These are: Medical / bio-science Transport equipment manufacturing Food and drink manufacturing Construction Visitor economy Low carbon The fund is managed by East Midlands Business Limited on behalf of the LEP. 24 D2N2 Chief Executive David Ralph: We are beginning to see some superb case studies of how our UI4G grant programme can make the vital difference to get projects off the ground, helping to deliver jobs and support growth of local businesses. If you are working with, or run a business in Derbyshire or Nottinghamshire with a capital investment project that will create long-term sustainable jobs but can t quite raise the capital necessary to purchase the assets required, then UI4G may be for you. The sooner applications are made the better because we want to use this money to help grow the region s economy and create new jobs. 25 K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :40

14 Vacant Shops Grant Scheme Grant funding Elizabeth Cooper, Nottingham City Council 22 applications for the Vacant Shops Grant Scheme have been received so far, totalling 65,000 worth of funding and allowing vacant city centre properties to be brought back into use. 50% of project costs up to a maximum of 5,000 Nottingham city centre Until funding is fully allocated elizabeth.cooper@nottinghamcity.gov.uk The Vacant Shops Grant Scheme is a new initiative from Nottingham City Council that offers grant funding to the owners of vacant city centre property to help them bring vacant shops back into use. The Scheme aims to enable the use of vacant units by small and start-up businesses and encourage the temporary use of the property whilst it remains on the market. The Scheme provides a maximum of 50% towards the total cost of the project in the form of grants up to a maximum of 5, K10612_supporting your business in nottingham 28pp a5-v5.indd /11/ :40