Funding Finder. A summary of grants and funding sources for business growth

Transcription

1 Funding Finder A summary of grants and funding sources for business growth March 2014

2 Introduction Businesses often required an injection of cash to get started; develop a new product or service; undertake specialist training; or to help them grow. The options for sourcing funds can often be confusing or complex and there are numerous funding opportunities currently available. Some are national programmes, others are local. The challenge is often matching your business needs to the most appropriate source of funds. Following a number of years of working with high-growth potential businesses, we re often asked what funding is available for a variety of growth needs. This paper provides a summary of the key funding opportunities available primarily to Small to Medium-sized Enterprise (SMEs), operating in the East of England. SMEs are defined as companies employing fewer than 250 people; and with an annual turnover of less than 50 million (approx. 41 million) and/or an annual balance sheet not exceeding 43 million (approx. 35 million). We ve grouped the funding options into the following categories; Grants: Funding support programmes offering non-repayable grant finance in areas of Research and Development, Business growth and Loans: Capital funds are raised through loans. These are available through banks, other institutional lenders, and some investment groups on a loan to equity basis. We don t list every single option in this document, however we do explore alternative sources of loans that can be achieved at low or no cost. The enterprise will be required to pay these back but at favourable terms. Also identified are loans specifically created to fund SMEs in the region, and loans to fund energy efficiency improvements. Investment Finance: Capital funds raised through the sale or issues of shares. It is available from public and private equity investors, typically Venture Capital investors, or through Business Angels and high net-worth individuals. Business Development: This set of options is more about getting your business ready for investment and growth. Specialist programmes which are fully or partfunded are available to give you the support and guidance you need to grow. About Nautilus Nautilus is a multi-disciplinary consulting group providing specialist business and consultancy services in the areas of, market intelligence, economic development, business and investment strategy, and specialist innovation and high growth sector support. Nautilus works with both public and private sector organisations to explore and develop opportunities across the energy and low carbon industries. For more information, visit Page 2 of 20 NAUTILUS ASSOCIATES LTD.

3 Funding Options The following lists key funding schemes identified in this brochure. This list is not exhaustive, and details for each scheme are correct at the time of publishing. GRANTS... 4 ORBISENERGY SUPPLY CHAIN INNOVATION GRANT... 4 GROWING BUSINESS FUND MAIN FUND AND SMALL GRANT SCHEME... 5 NWES READY, SET, GO INNOVATION GRANTS... 5 GRANTS4GROWTH... 6 GROW: OFFSHORE WIND... 7 SHELL SPRINGBOARD AWARDS... 7 LOW CARBON KEEP (KNOWLEDGE EAST OF ENGLAND PARTNERS) PROGRAMME... 8 MANUFACTURING ADVISORY SERVICE GRANTS FOR BUSINESS SUPPORT... 9 LOANS GROWING PLACES FUND START-UP LOANS FOR YOUNG PEOPLE EAST REGIONAL GROWTH LOAN SCHEME THE GREEN DEAL FOR BUSINESS BENEFICIARIES ENERGY EFFICIENCY FINANCING SCHEME RESEARCH AND DEVELOPMENT TAX CREDITS FOR SMES INVESTMENT FINANCE LOW CARBON INNOVATION FUND (LCIF) EAST OF ENGLAND CO-INVESTMENT FUND (COIN) ENTERPRISE INVESTMENT SCHEME (EIS) BUSINESS DEVELOPMENT EEEGR SUPPLY CHAIN DEVELOPMENT PROGRAMME GROWTH VOUCHERS PROGRAMME READY FOR BUSINESS GROWTH ACCELERATOR NAUTILUS ASSOCIATES LTD. Page 3 of 20

4 Grants OrbisEnergy Supply Chain Innovation Grant OrbisEnergy Supply Chain Innovation Grants support SMEs in the development and introduction of new and innovative technologies, products and processes in the offshore renewable energy sector. The grant aims to support businesses to bring new products, processes and ideas to market and increasing production capacity of existing innovative products and services. It will support costs such as R&D costs; including developing prototypes and collaborative research with universities/colleges, implementing developments in product manufacturing and design, and purchasing specialised consultancy and Intellectual property related services. The Supply Chain Innovation Grants programme is delivered by specialist innovation and incubation centre OrbisEnergy, managed and operated by Norfolk and Waveney Enterprise Services (NWES). The 1 million programme is part funded by the European Regional Development Fund (ERDF). Grant are available between ,000 at a maximum intervention rate of 30% of eligible project costs. Pre-trading or existing businesses can apply, but these must be SMEs based in Cambridgeshire, Essex, Norfolk and Suffolk. The programme will support innovation in the business sectors of offshore wind, wave and tidal, and other marine renewable energy technologies and their direct supply chains. The programme will only support costs relating directly to the development and introduction of new products, processes and ideas. Initial enquiries should be directed to OrbisEnergy; contact details can be found at The applicant will meet with an experienced business development specialist to check eligibility of the business and proposed project, and assist with the preparation of a business plan and application. The grant is approved by a panel who review each application. Page 4 of 20 NAUTILUS ASSOCIATES LTD.

5 Growing Business Fund Main Fund and Small Grant Scheme This Growing Business fund offers businesses in Norfolk and Suffolk loans towards the cost of projects to expand and create jobs. Expansion projects may include expansion into a neighbouring unit, updating/buying additional equipment, developing a new marketing campaign/website. The 13.4m fund is designed to accelerate the expansion of SMEs whose growth is being held back by a lack of finance and to help businesses grow and develop. The New Anglia LEP deliver the fund in partnership with Suffolk County Council (the accountable body), Finance East and Archant. The Main Growing Business Fund provides grants of 25k - 500k, and the Small Grants Scheme offers grants between 5k - 25k. The Fund can provide up to 20% of the total funding needed for investment, and be used to leverage funding from other sources such as banks and other financial organisations. The main fund and the small grants scheme are open to established SMEs who are unable to secure the funds required for their expansion project from elsewhere. Each beneficiary must create at least one job for every 10k of grant provided. It is targeted at the districts of Great Yarmouth and Waveney, Greater Ipswich and Greater Norwich. To apply for the fund, businesses must complete an expression of interest form, undergo a financial appraisal. A final decision on funding is taken by the Growing Business Funds Approval Panel. The deadline for submitting expressions of interest forms is 31 st October 2014 and 31 st December 2014 for the main fund and the small grant scheme respectively. NWES Ready, Set, Go Innovation Grants The Ready, Set, Go Innovation Grants programme assists SMEs in developing and funding projects to develop and implement new products, processes and ideas. Overall the programme seeks to accelerate innovation, supporting beneficiaries in developing and bringing their innovative ideas to market. The grant programme is organised by Norfolk and Waveney Enterprise Services (NWES), and funded by the European Regional Development Fund (ERDF). Grants of 2,500-25,000 are available to fund up to 25% of eligible project costs. Grants are available to pre-starts and trading SMEs based in Cambridgeshire, Essex, Norfolk and Suffolk. Further information is available at Following the applicant s initial enquiry and eligibility check, a business advisor will assess the applicant s business case and suitability of funding proposal. A business case is submitted to a panel for review and successful applicants will be awarded funds based on this. NAUTILUS ASSOCIATES LTD. Page 5 of 20

6 Grants4Growth Grants4Growth aims to help SMEs secure their future success by reducing costs and increasing competitiveness. Its function is to administer simple, straightforward grants and quantifiable action to improve efficiency, reduce carbon emissions and help businesses to invest and grow. There are two types of grants under the scheme; 1. Capital grants provide lump sums of money for the beneficiary to invest in technology/processes that maximise efficiency and minimise their environmental impact. 2. Revenue Grants, available in the East of England, provide revenue grants and other direct technical assistance to support SMEs to promote products/services such as clean technology and renewable energy. The programme is managed by Breckland Council, and is mainly funded by the European Regional Development Fund. Its delivery is supported by a number of LEPs in the East. The scheme is also delivered in Lincolnshire by South Holland District Council. Capital grants will be awarded for up to 28% of the total capital cost of the project, with a maximum amount available of 6,500 per grant. Revenue grants are available for up to 30% of the eligible revenue spend, up to a maximum of 1,666 Grants4Growth is designed especially for SMEs in the Eastern Region, including Norfolk and Suffolk, Cambridgeshire, Hertfordshire, Bedfordshire, Essex and Lincolnshire. The applicant must have received less than 150k in grants and state aids in the past 3 years. For further information and instructions for application, potential applicants should visit Applicants must first check their eligibility for the grant programme, and register their interest online. Personalised support from knowledgeable and helpful local business brokers is available through the programme to guide applicants through the application process. Page 6 of 20 NAUTILUS ASSOCIATES LTD.

7 GROW: Offshore Wind The GROW project offers support to businesses looking to expand into the offshore wind market, or develop their existing offering in this sector. Funding support provided by the project is targeted directly at manufacturers expanding and investing in new operations or an extension of their existing facilities. Funding can be used for a range of investment requirements including purchasing of tangible assets (additional land, new buildings, plant, machinery and equipment), intangible assets (e.g. securing patent rights and licences), and employment costs. The GROW project is delivered by Grant Thornton and programme partners the Manufacturing Advisory Service, RenewableUK and the University of Sheffield, all working in close collaboration with industry leaders and government. There is no upper limit to the funding available through the project, but applicant should consider the programme has a total funding cap of 500k. The programme can provide funds at a maximum intervention rate of 50% of total project costs, though typically funding covers between 10 30%. Funding is specifically aimed at SMEs and can be awarded to projects delivered in the next 12 months. Perspective applicants can read more information and register their interest in the GROW programme at Shell Springboard Awards The Shell Springboard awards invite SMEs from across the UK with business ideas that address the challenge of climate change to enter their competition to and apply to win financial support to develop their business plan/project. The awards support businesses with innovative, commercially viable business plans outlining a product or service that will lead to carbon emissions reductions. The Shell Springboard awards are provided by Shell and financed from the company s profits. The level of grant and intervention rate is not fixed; the number of awards and amount given is decided annually by the panel of judges. On average, nine businesses are awarded between 20,000-40,000 annually. The programme is open to UK SMEs who must have been formally established for at least three months prior to the application deadline. Application are now closed for the 2014 awards, but interested applicants should visit the Shell springboard website for more information and to apply for the 2015 competition opening in November 2014; NAUTILUS ASSOCIATES LTD. Page 7 of 20

8 Low Carbon KEEP (Knowledge East of England Partners) Programme The Low Carbon KEEP programme provides funding to support East of England businesses to innovate and grow through University partnerships and knowledge transfer. Projects that improve the businesses efficiency and help reduce their carbon emissions, and those of their customers and supply chains, are managed and delivered by graduates working full time within the company. By utilising the funding to improve internal capabilities and implement a resource efficient approach to business through academic guidance, companies can increase profitability and competitiveness. Typical Low Carbon Keep projects last for 4-18months. This scheme is managed and delivered by Anglia Ruskin University, and funded by the European Regional Development Fund (ERDF). The grant will cover 40% of eligible project costs (the graduates salary for the duration of the project). Furthermore, a Low Carbon KEEP Capital Grant Scheme allows SMEs participating in the programme. This allows SMEs to recoup 40% of the cost of purchasing capital items fundamental to the success of the Low Carbon Keep projects, such as essential equipment or software. The Low Carbon KEEP Programme has also recently introduced Low Carbon Keep Innovation Vouchers allowing SMEs to purchase academic expertise from the region's Universities and Colleges to support innovation and business improvement. The Innovation Vouchers cover 40% of the costs of purchasing specialist support for a value from 1,000 up to 5,000, which will provide up to 12 days of bespoke assistance. Applicants must be SMEs based in the East of England. Most business sectors are eligible for the programme, including charities and not-for-profit organisations. To find out more, as well as how to apply, perspective businesses should visit sses.html. Low carbon KEEP projects will be available until the end of April Page 8 of 20 NAUTILUS ASSOCIATES LTD.

9 Manufacturing Advisory Service Grants for Business Support This grant scheme supports manufacturing businesses in accessing specialist consultancy support services to help their business grow and develop. Support is available through three core areas: MAS Strategy: Business planning MAS Innovates: developing innovative product & process ideas MAS Efficiency: to improve business processes MAS Connects: growing the supply chain Manufacturing Advisory Service (MAS), a business support service for manufacturing SMEs in England, provide these grants to subsidise in-depth projects delivered in conjunction with their team of specialist consultants. Projects vary in values, depending on scope and depth agreed with a MAS Advisor following the businesses initial application. Grants of between 300-3,000 are available. Projects can receive up to 50% match funding by MAS. MAS offer subsidised project support to SMEs based in England and engaged in manufacturing activities. Larger companies involved in manufacturing can also use their services at market rates. Prospective applicants should visit to find out more and register their interest. Following initial application, the business will undergo a free manufacturing business review whereby a MAS advisor will explore their business needs and develop an action plan tailored to address key issues. NAUTILUS ASSOCIATES LTD. Page 9 of 20

10 Loans The following are a selection of the loan funding schemes available to businesses in the East of England region. There are of course a number of loan schemes provided by banks, institutional lenders and other sources which may of which may be supported by government schemes to incentivise low cost lending to small businesses and start-ups such as the Funding for Lending Scheme. Other government schemes such as the Enterprise Finance Guarantee (EFG), and the National Loans Guarantee scheme are also available to help small businesses guarantee unsecured borrowing from participating banks and lenders. Growing Places Fund This Fund contributes to the costs of infrastructure projects that promote economic growth and job creation across the region. It is particularly aimed at helping delayed infrastructure projects that have been shelved due to funding issues get under-way. The fund, which provides investment on a payable loan basis, establishes a revolving investment opportunity whereby the initial fund assigned to each region is distributed to projects offering a favourable return on investment. The repayments are then reinvested in future projects under the scheme. The funds can be used for large infrastructure projects, including those developing housing and transport infrastructure, as well as by SMEs to facilitate business startup and growth e.g. for the construction of new offices, training and employment space, or access work to unlock existing commercial developments. The Growing Places Fund is issued nationally by the Department for Communities and Local Government, and delivered locally by New Anglia LEP in Norfolk and Suffolk, and Greater Cambridgeshire/Greater Peterborough LEP and the South East LEP elsewhere in the region. The fund value and intervention rate awarded to individual projects are not fixed and depend on locality. Specific qualification criteria are unclear and applicants should refer to the guidance of the LEP provider. Project proposals should fit with the wider objectives of the scheme; to facilitate delivery of local economic growth and job creation. Further information can be sought form the relevant LEP provider. New Anglia LEP invite potential applicants to contact them directly; details are provided at Greater Cambridgeshire/Greater Peterborough LEP have recently closed their fund to the latest round of applications, however more information can be found on their website at Information on the funding and application process offered by South East LEP can be found at Page 10 of 20 NAUTILUS ASSOCIATES LTD.

11 Start-up Loans for Young People This scheme provides low-cost loans to young entrepreneurs starting-up new businesses. In a move to boost enterprise and economic growth the loans, that are also available to businesses in their first 12 months of trading, are designed to help year olds overcome the difficulty in accessing finance as a business start-up. Funded by the government, Norfolk and Waveney Enterprise Services (NWEs) deliver the scheme in partnership with the Start-Up Loans Company. Loan amounts of a between ,000 are available at a fixed interest rate of 6%. The maximum repayment term is 60 months. Loans are available to year olds, either setting up in business or who have been trading for less than 12 months. To find out more about the loan scheme, perspective beneficiaries should visit Young people enquiring about the start-up loans will receive expert and personal support to help develop a business plan and access training. East Regional Growth Loan Scheme This scheme offers an alternative source of loan finance to established SMEs in high growth businesses seeking to implement their growth strategies. The fund manager of the East Regional Growth Loan Scheme is Finance East; the FSE Groups regional funding organisation for the six counties in the East of England. The fund is supported by the Department for Businesses Innovation and Skills. Loan amounts of between 50, ,000 are available for loan terms of 2 5 years. Beneficiaries will be established SMEs based in the East of England typically with a minimum turnover of 500k, strong growth potential and medium- to long-term funding requirements to deliver their growth plans. To apply for the Regional Growth Loan Scheme perspective applicant should visit Applicants must provide a strong business plan outlining the viability and competitive advantage of their product/service, and demonstrating a management team with the relevant background to deliver significant growth. NAUTILUS ASSOCIATES LTD. Page 11 of 20

12 The Green Deal for Business Beneficiaries The Green Deal is a government sponsored programme that allows businesses and homeowners make energy saving improvements at no up-front cost. Businesses can apply for funding under the Green Deal to finance energy efficiency improvements including insulation improvements, heating system upgrades and renewable energy generation projects on their commercial premises. Green deal loans are repaid through the energy bills of the premises where the measures are installed. A loan is attached to the property, not the individual business or household applicant. Green Deal finance can be provided by any organisation with certified Green Deal Provider status by the Green Deal Oversight and Registration Body (GD ORB) who manage the authentication scheme. The GD ORB hold a list of all certified providers. Loan amounts provided under the Green Deal are agreed between the business and the loan provider and are dependent on the energy efficiency measures appropriate to the premises. Loans can be agreed to finance 100% of the project cost. In order to be granted funding the energy efficiency project must pay for its self in energy savings over a period of 25 years. Following their application, a Green Deal Assessor will visit the businesses to assess the premises and recommend what energy efficiency improvements can be installed. The funding agreement is then made between the business and the provider. Energy Efficiency Financing Scheme The Energy Efficiency Financing Scheme provides loans to companies to finance the purchase of energy efficiency equipment. Projects that qualify include heating and lighting systems replacement, building and pipe insulation, air conditioning systems, industrial process technologies, specialist production equipment, refrigeration equipment, etc. The new more efficient equipment should lower the energy bills of the beneficiary company. Like the Green Deal the Energy Efficiency Financing repayments are also calculated to match the expected financial savings through the company s energy bills, so the financing option is expected to pay for itself. The EEFS is provided by the Carbon Trust and Siemens Financial Services. Minimum financing available through the scheme is to the value of 1000, with no formal upper limit. The applicant company must have been trading for more than 36 months. Companies can find out more and apply via the online contact form at Following the application all Energy Efficiency Financing projects must undergo an energy savings assessment provided by Carbon Trust Implementation Services. This ensures the energy efficiency equipment installed will deliver the expected savings. Page 12 of 20 NAUTILUS ASSOCIATES LTD.

13 Research and Development Tax Credits for SMEs This scheme provides tax deductions for SMEs involved in research and development (R&D) activities. Research and development relief offers Corporation Tax relief to small or medium-sized enterprises (SMEs) and large companies working on the resolution of scientific or technological uncertainty. The beneficiary company can claim R&D Relief if an R&D project seeks to achieve an advance in overall knowledge or capability in a field of science or technology, through the resolution of scientific or technological uncertainty - and not simply an advance in its own state of knowledge or capability. Research and development costs can include employees salaries, materials, software, utilities and payments to people who ve volunteered to do clinical trials. The scheme is organised through MH Revenue & Customs. The tax relief on research and development costs is available at a rate of 225% from 1 st April 2012; that is, for each 100 of qualifying costs, the beneficiary could have the income on which Corporation Tax is paid reduced by an additional 125 on top of the 100 spent. There's an upper limit of 7.5 million on the total amount of aid you can receive on any one R&D project. To qualify for the Small and Medium Sized Enterprise Scheme the company must be an SME. Large companies can also benefit from the Large Companies Scheme, however the rates of relief are lower. For further information on eligibility for this scheme and how to apply companies should visit NAUTILUS ASSOCIATES LTD. Page 13 of 20

14 Investment Finance In addition to programmes outlined here, there a diverse range of other sources of equity funding appropriate for start-ups and SMEs, including Business Angels, Venture Capital Investors and other private equity investment firms. These are often organised networks or syndicates, or private sector co-investment groups such as Capital for Enterprise Limited (CfEL), and Finance East. The landscape for these schemes may be complex, as is establishing a robust business case, investment plan, company valuation and offering. Nautilus Associates offer services in investment strategy and investment planning support, as well as brokerage services matching SMEs seeking funding with appropriate investors and funding schemes. For further information on the services available, please contact Nautilus directly on the contact details available on the back of this guide. Low Carbon Innovation Fund (LCIF) Main Fund and Smaller Investments Scheme The Low Carbon Innovation Fund (LCIF) invests in SMEs in the East of England that are developing new and innovative products/services, or improving their operating processes, in a low carbon & environmentally sensitive manner. It is designed to stimulate investment into low carbon development to support the regions aspiration to become a leading, world class low carbon economy. LCIF is a venture capital fund which makes early stage investments as equity or convertible loans. Investment is provided in return for a stake in the company, the value of which is dependent on the value of the company, the level of investment, and the associated risk. LCIF typically becomes a shareholder and request board observer rights. The fund may also request a board position (non-executive director). The investment is expected to make a return over time. The fund is offered by the Adapt Low Carbon Group at the University of East Anglia (UEA), and is managed by turquoise International. It is supported by 12.5 million from the European Regional Development Fund (ERDF), matched by at least 17.5 million from private sector co-investors. The co-investment comes from the Business Angle Network, High Net Worth Individuals, other suitable funds or trade investors e.g. venture capital. LCIF offers two routes to funding depending on the value of funding sought; the main fund provides investment of between 75K - 750K, and a smaller Investment Scheme for investments of between 25k - 75K. There is a maximum intervention rate of 50% which must be matched by the coinvestment. Typically the fund aims to invest on a 40%:60% ratio 40% LCIF investment to 60% private investment. Applicants must be SMEs based wholly or partially in the East of England. The LCIF will run until December Applicants can check eligibility and apply online at Successful applicants will be asked to submit further information and a business plan. LCIF run an Investment Readiness Programme (IRP) offering applicants assistance in developing their business plan from a business advisor. Page 14 of 20 NAUTILUS ASSOCIATES LTD.

15 East of England Co-Investment Fund (COIN) The fund is designed for companies with valuable business plans looking for investment capital to finance their growth plans. In connecting businesses with the funding they need to start-up and expand, the funds central aim is to support economic growth and job creation in the region. The COIN Fund offers co-investment capital to eligible SMEs, in return for company shares, to help them attract the full project investment they require. Shares in those companies assisted under the fund will eventually be sold, and the proceeds reinvested back into the fund creating a sustainable evergreen fund available for future investments. The fund is set up by the European Regional Development Fund (ERDF) and is delivered by Exemplas; part of the University of Hertfordshire Group. COIN can provide co-investment finance of up to 250,000, which will be matched against equity investments offered by private investors and business angles. The COIN fund is open to SMEs based in, or relocating to, Objective 2 areas in the East of England. A definition of Objective 2 areas can be found at the web link below. For more details, case studies and to access the application form, applicants should visit Enterprise Investment Scheme (EIS) Main Scheme and Seed Enterprise Investment Scheme (SEIS) The Enterprise Investment Scheme (EIS) can help small companies raise finance by offering tax relief to investors who buy new shares in their business. The Seed Enterprise Investment Scheme (SEIS) is similar to the main Enterprise Investment Scheme, but is aimed at start-up companies that are struggling in the early stages of securing investment. The scheme is organised by HM Revenue and Customs (HMRC) and administered within HMRC by the Small Company Enterprise Centre (SCEC). Under the EIS Income Tax relief is available for investors at 30% of the cost of the shares, on a maximum annual investment of 1,000,000. Under the SEIS, investors can invest up to 100,000 a year in qualifying shares and claim 50% of the cost against income tax. Both the EIS and the SEIS are open exclusively to SMEs. To qualify for the SEIS the SME must have less than 25 full-time employees, have gross assets of 200,000 or less, and mush have been trading for less than 2 years. SMEs interested in this scheme can read more about the Enterprise Investment Scheme at and the Seed Enterprise Investment Scheme at NAUTILUS ASSOCIATES LTD. Page 15 of 20

16 Business Development EEEGR Supply Chain Development Programme This programme aims to help regional companies benefit from the extensive opportunities offered through becoming involved in the energy sector in the East of England. The support is available to help companies in the East of England enter into the energy supply chain in the region. It focuses on providing support in three areas; Businesses who have already secured opportunities within the energy sector to build on their experience to win new work Engage with businesses planning to enter the market to help them understand the industry and specific opportunities Explore opportunities for companies unaware of the sector, matching gaps in the supply chain to their capabilities The EEEGR Supply Chain Development Programme is part-funded through the European Regional Development Fund (ERDF). Nautilus Associates are EEEGR s specialist delivery partners working with eligible SME businesses engaged on the programme. Eligible businesses can access up to 12 hours of specialist consultancy support completely free through EEEGR. The Programme is open to SMEs based in then East of England. Perspective beneficiaries can read more about the programme and how to apply at Growth Vouchers Programme The growth vouchers programme is part of a pioneering research project to establish the areas of advice that best support business growth. The programme aims to help 20,000 small businesses to get expert advice on finance and cash flow, recruiting and developing staff, improving leadership and management skills, marketing, and making the most of digital technology. The scheme awards Growth Vouchers to successful applicant businesses to redeem specialist private sector advice and business coaching in these areas. The Growth Vouchers programme is a government initiative available to SMEs across England. The advice is delivered through an accredited supplier in the applicants region. In the East of England Norfolk and Waveney Enterprise Services (NWES) are accredited to supply the business advice. A maximum subsidy of 2000 can be awarded to the beneficiary to spend on private sector advice. The intervention rate is a maximum of 50% of the cost of the advice; the business must match the subsidy with their own funds. Page 16 of 20 NAUTILUS ASSOCIATES LTD.

17 Beneficiaries must be based in England, have fewer than 50 employees, and have been trading for at least 12 months. A business will not qualify if they have paid-for strategic advice in the past three years. To register their interest and apply for a growth voucher, businesses must visit On application the business will receive a face-to-face assessment of their businesses needs at a centre within their region, and if they receive a voucher, they can redeem the funds once the work has been completed. Ready for Business Ready for Business start-up programme offers expert support, advice and training, to start-up businesses to help them develop a robust business plan in preparation for applying for external funding. The support provides a bespoke package of services and advice, tailored to the beneficiaries needs, to prepare the company for growth and securing commercial investment. The support begins with beneficiaries attending a free one-day Get ready for Business Seminar covering the fundamentals of setting up a business, including financial forecasting, marketing and business planning. Businesses meeting qualifying for further support will be invited to continue with the programme in which they will receive one-to-one sessions with a dedicated business advisor who will design and work through a tailored action plan to exploit and progress the small business, including support in business planning and in applying for funding. Ready for Business is delivered locally by specialist, not-for-profit, business support organisations. In the East this is Norfolk and Waveney Enterprise Services (NWES). The programme is sponsored by Barclays, and funded by the Governments Regional Growth Fund. Participants on the comprehensive programme will be asked to pay a contribution of 600 (including VAT) towards the cost of the support they receive under the programme. Those who complete the programme successfully are invited to apply for investment funding from associated providers. This will be matched by the businesses own investment, and the value and intervention rate will be agreed at the time. The programme is aimed specifically at potential start-up businesses, companies wishing to start up another business or potential spin outs. To find out more and register interest in the programme individuals can visit NAUTILUS ASSOCIATES LTD. Page 17 of 20

18 Growth Accelerator The Growth Accelerator is a service for SMEs already running successful and thriving businesses, and ready for their next phase of growth. On receiving support from the Growth Accelerator programme, the business is paired with a growth manager who will assess their businesses barriers to continued growth and design a series of oneto-one growth coaching sessions, master classes and workshops tailored to the businesses needs. Support is available in the areas of access to finance, business development, leadership and management, and advice on business growth through innovation. The growth accelerator is led by the country s most successful private sector growth specialists Grant Thornton, Pera, Oxford Innovation and Winning Pitch and is backed by Government. Businesses pay a one off fixed fee of between 600-3,000 in contribution to the mentoring they receive on the Growth Accelerator Programme. The beneficiaries fee depends on the size of their business and contributes to their ongoing guidance and support received from their growth manager and growth coach, the master-classes and workshops they attend and access to additional funding. The remainder of the cost is provided by the government who co-invest in the beneficiaries business growth making a significant contribution to the overall costs. The growth accelerator specifically targets high growth businesses. To qualify for support from the Growth Accelerator, the applicant must be an SME based in England. To find out more and request a free consultation potential applicants should visit Nautilus can provide a registered and approved Growth Accelerator Coach to support your business needs. Please contact a member of the team to discuss your requirements. Page 18 of 20 NAUTILUS ASSOCIATES LTD.

19 Notes NAUTILUS ASSOCIATES LTD. Page 19 of 20

20 Need further help? This summary has been compiled to help business navigate through some of the options for business support and funding. If you need support or further advice, please get in touch: Call us on or us at Find us online at Page 20 of 20 NAUTILUS ASSOCIATES LTD.