Holyhead Investment Fund Part of the Holyhead 2020 Regeneration Programme Working in Partnership with Welsh Government
!!!!!!!!!!!"#$%"&'(!)*+,'-.!'-(!)*'+$&!/$'0&1!,&2&-&,'.*#-!/,#2,'33&! 45-(&(!+%!."&!6&$1"!2#)&,-3&-.7!'(3*-*1.&,&(!+%!*1$&!#4!'-2$&1&%!0#5-.%! 0#5-0*$!! HOLYHEAD INVESTMENT FUND Supporting Capital Investment to Small & Medium Sized Businesses INFORMATION GUIDE Inclusive of Scheme Criteria/Conditions
SCHEME INTRODUCTION AND GRANT DETAILS The Holyhead Investment Fund (HIF) is a specially targeted business support scheme that aims to assist the growth and expansion of local businesses (including, but not limited to high growth sectors), by providing a discretionary focused financial support package for new and existing businesses that are located in Holyhead. The scheme offers funding of up to 45% to assist with eligible capital expenditure on business projects with awards offered of between 1,000 (minimum award) and 35,000 (maximum award). Applications over 10,000 will be considered where there is clear evidence of job creation within the project. It should also be noted that the minimum eligible item cost is set at 100. Please note that the award is discretionary and dependent upon availability of funds and projected outputs. The HIF scheme is administered by the Isle of Anglesey County Council (IACC) and is funded by the Welsh Government s Vibrant and Viable Places Regeneration Programme (VVP). It covers the business community based within the red boundary shown on the map below. Applicants should thoroughly peruse and consider this Information Guide before submitting a bid for funding support from the Isle of Anglesey County Council. It has been specifically prepared to highlight all scheme protocols, processes, criteria, and terms/conditions that are relevant so as to assist potential grant beneficiaries consider whether their proposed business project would be eligible and meet scheme requirements. There are also contact details at the back of the document should further assistance be required.
KEY FACTORS Eligibility Factors The scheme is targeted at SMEs, small and medium sized enterprises (employing up to 250 people) with either a turnover at less than!50 million or a balance sheet at less than!43 million. To be eligible to receive investment support, the business and/or capital project must be located within the boundary of the community of Holyhead in Anglesey. To be considered, your project must contribute positively to the regeneration of Holyhead, and must meet at least one or more of these objectives: Job Creation/Safeguarding Establishing a New Business / Enterprise Increasing Turnover Establishing a New Social Enterprise Improve the town centre or tourism offer Additional factors which will strengthen your application will be: Sustaining Jobs Increasing competitiveness Stimulating further investment/growth Aiding business growth Making efficiency gains Increasing sustainability Introducing new products, services or markets Ineligible Sectors There are certain business sectors/activities which are deemed ineligible for general business support grants under EU rules and these include: Coal/Steel Shipbuilding Synthetic fibres production Activities which fall under the remit of other EU Programmes Banks Insurance companies Housing Statutory education Statutory Health services Sport/leisure/recreation activities Fisheries/aquaculture/agriculture & Annex1 food production/milk substitutes/export related activities
Critical Factors to Note Displacement HIF cannot support projects which cause obvious direct displacement, i.e. provide an unfair advantage over local competitors by replicating almost exactly what an existing Holyhead business is providing. Quotations In accordance with Isle of Anglesey County Council s procurement policy three quotations shall be required for any single item within an application which has a cost of 3,000 or more. Repeat Applications An applicant requesting further HIF funding (or has received Local Investment Fund support within the last 3 years) will only be eligible for consideration if they can demonstrate Job Creation within their proposed project. New Business A business can be classed as a new business if the Expression of Interest is received by the Council within 6 months from the commence trading date. Business in a Welsh Government (WG) Priority Sector Please note all requests for support from a business in a WG priority sector and not in-receipt of Business Support from Business Wales may be referred to the Welsh Government for initial consideration regardless of the amount of grant requested. WG Key Sectors: Creative industries Information, Communication and Technology (ICT) Energy and Environment Advanced materials and manufacturing Life Sciences Financial and Professional services Food and Farming Construction Tourism HIF Applications in excess of 10,000 For bids requesting support of between 1,000 and 9,999 job creation is desirable. However in circumstances where an Expression of Interest (EOI) is received for funding in excess of 10,000, demonstrable job outputs shall be required for the proposed project.
The following minimum criteria are identified as guidance only: 10k- 14,999k = 1 jobs created 15k- 19,999k = 2 jobs created 20k- 24,999k = 3 jobs created 25k- 29,999k = 4 jobs created 30k- 35,000k = 5 jobs created In these instances the EOI may be referred to the Welsh Government for initial consideration. If deemed eligible for HIF, the Full Application, at submission stage, will be referred to an external consultant for an evaluation and checks where the key findings and recommendations will be submitted along with the full application to the Council Cash Purchases No funding will be paid where cash transactions have been undertaken. Retrospection No funding will be paid on any expenditure incurred or for work commenced (or part thereof) before full application approval is given by the Council (in writing). For further guidance, please contact the Business Support Team at Anglesey Business Centre. GRANT PROCESS Making an Application Step 1 - Expression of Interest Prospective applicants are initially requested to complete an Expression of Interest (EOI) form which can be obtained from the Business Support team at Anglesey Business Centre. All prospective applicants are advised to be in receipt of business advice and will need to submit evidence of this with the application. If you do not currently have a business advisor, you should contact Business Wales for free advice and assistance in preparing your application and / or for further business information and support. If applying for the HIF where the business is in one of the Welsh Government s nine Priority Sectors then the EOI may be referred to the Welsh Government for observations. The completion of the EOI form will provide the local Authority with brief details about your business, together with an overview of your proposed project, funding requirements and previous public sector financial support received over the past three years. The information provided within your EOI form will enable the local Authority to make a decision on the eligibility of the application. If deemed successful you will be informed by
letter and invited to submit a full application. Approval of an EOI should not in any way be considered as an approval of grant funding and therefore no work or project expenditure should be undertaken / incurred. Step 2 Full Application It is important to ensure that your application form is fully completed and that all supporting documentation is included at the time of submission, this includes: Current Business Plan Accounts for 2 years (if applicable) Copy of recent Bank Statement Projected Cash Flow & Profit & Loss Statement Confirmation of Source of Finance which is part of financing the project Confirmation of Planning Permission and / or Building Regulations (if applicable) including Change of Use Details of lease agreement (if applicable) Original estimates / quotes for project All Statutory Legal Requirements for the Business (if applicable) Failure to comply could delay a decision. Please note that the approval timescale does not commence until such time as all the documentation required is received by the Local Authority. Applicants should be aware that the funding will only be offered where it has been clearly demonstrated that without such financial support the project will not proceed either on the scale envisaged or within a reasonable timescale. The Council may withdraw an offer where a project is not being implemented in accordance with the application or where there is an unacceptable delay. You are reminded at this stage not to undertake any expenditure or commence any work on the project until a formal decision has been reached on the bid and written confirmation of this has been received. Please read carefully all the information and guidance provided and in particular note and understand all aspects of the application form and guidelines relating to the awarding of the HIF. In particular you should be aware that: No funding will be paid on retrospective expenditure No funding will be paid where cash transactions have been undertaken Processing Your Application On receipt of your full application form the Council will: Check that all the details provided are in order and if not inform you/your Business Advisor of what further information is required Undertake consultation which may include: o o A bank reference A search with a credit reference agency in relation to your business. The agency will keep a record of that search and may share that information with other agencies.
o Make enquiries with respect to company director(s) with a credit reference agency. Refer the application to the Grants Panel for a decision. Each application shall be considered on merit and in accordance with the scheme s aims and objectives. Advising of the decision You will be informed of the decision by letter. If successful you will be advised of the amount of funding offered and any specific conditions relating to the award. Attached to the letter will be the Terms & Conditions contract that you must adhere to. This has to be signed and returned within 28 days as acceptance of the funding offer. Making a Claim When submitting a claim, proof of expenditure will be required. This must include all relevant receipted accounts/invoices (invoices must not pre-date the signed and returned offer letter/contract). Copies of corresponding bank statements showing transactions out of the company s accounts will also be required. In the event that you have paid by means of credit cards, or similar, evidence shall be required that you have reimbursed the card company in full. No cash transactions will be accepted as part of a claim. The Council will satisfy itself that the activity for which the funding was awarded (works undertaken or purchases made) has been carried out fully in accordance with the proposal made within the application and any conditions attached to the approval. This may be by inspection or such other means as the Council determines. When all the above is completed the Council will release the funding to your Business Bank Account by means of BACS payment. Monitoring During the 3 year funding compliance period the Council, or its agents, may visit your premises in order to carry out a monitoring inspection of the business and VVP HIF funded aided assets. On projects that have stated job creation as an output, the Council shall require evidence of the employment factors, which may include the following: Payroll records (Pre and Post Award) Contract of Employment Initial Dated Payslip HMRC PAYE Online Services P60 Certificate Please note that records can be concealed when the names of other individuals are included in the record. For all other projects, either evidence of increase in turnover or evidence in how the HIF award has impacted the business must be demonstrated by the applicant.
TERMS/CONDITIONS 1. All businesses must be financially viable. 2. The business complies with all appropriate regulatory requirements, enforcement policies and service standards applicable to its business sector, including registration with the Inland Revenue for tax purposes. 3. Projects which include elements outside Holyhead cannot normally be considered for HIF funding, but please enquire. 4. You must provide three competitive quotations for every single item purchases of 3,000 or more. It is acceptable for an applicant to purchase an item which is not at the lowest quote, but it should be noted that the Council shall only honour the lowest quote amount in its grant offering. Where the project includes building or adaptation work of any description such quotations will be required from competent building contractors. All electrical work must be carried out by a NICEIC or similarly approved contractor. 5. The Council reserves the right to contact any of the businesses submitting quotations in support of a bid, if clarification is required. 6. You will not receive funding for any part of the project undertaken by yourself or your business (whether wholly or part owned). The Council must be informed of any personal, family or business connection between you/your agent and a supplier/contractor. 7. It is your responsibility to ensure that planning permission and all other relevant statutory permissions have been obtained / complied with before your application is submitted. You will need to submit evidence of this. Your business or works must also obtain and comply with any other relevant licenses/permits/requirements, e.g. Health & Safety, and the asset(s) must not be used, or permitted to be used, contrary to law or any regulation/bye-law at the time being in force. Funding approval relates to expenditure only and does not convey approval of any other kind. No work whatsoever should commence on any building until the required approvals have been obtained. 8. Grant cannot be paid for expenditure already incurred, work that has already commenced or equipment already bought pre IACC final offer/approval letter. 9. You should not be significantly in arrears with any payments due to the Council. Where you or your business is locating into the area, the Council may also make appropriate checks with partner authorities. 10. The Council may check whether you have a County Court Judgment. 11. In the case of a project involving refurbishment/adaptation works to a building held on lease, the remaining period of the lease, on the day of receipt of the application, must be for a minimum of 5 years. Evidence of the landlord s approval shall also be required. 12. The following costs are ineligible for funding support: Purchase of Land and/or Property
Purchase of On-Road Vehicles Residential Accommodation Non-Capital Marketing/Training Costs General Repairs, Maintenance and/or Running Costs Projects being undertaken solely to comply with Statutory Regulations Staff/training Costs Recoverable VAT Stock purchases Acquisition of assets under Hire Purchase (HP),Extended Credit Agreements or Lease 13. Any publicly visible signage for which HIF funding is given must be bilingual (Welsh/English) 14. You are responsible for ensuring that any rates, assessments, charges or other outgoings payable in respect of the project are defrayed. 15. The Council's authorised agent must be permitted at all reasonable times to enter upon the premises and view the state and condition of the asset(s) and inspect/examine any books, records or documents relevant to the project. 16. You must not assign, demise, under let or otherwise part with possession of the whole or any part of the asset(s) within the conditional grant period (defined within the offer letter/contract). 17. You will need to insure the HIF aided asset(s), and keep them insured, against loss or damage, to the full replacement value. If damage occurs during the grant contract period and in the opinion of the insurer it is not economic for such damage to be made good, all insurance monies payable shall be applied in making good the loss or damage. All premiums are to be paid and you should produce the receipts to the Council if requested. You must also do everything necessary to maintain the insurance cover in full effect and not do anything whereby the cover may be invalidated. 18. HIF money will be paid out subject to: The completion of a project involving building work and certification by the Building Control Section (or similar) of the Council that the work is satisfactory. The submission to the Council of relevant supporting documentation. 19. Where job creation is part of the award offered, evidence of employment must be provided. For HIF purposes a 'new job' is any full time post in the business in whichever capacity, a new self-employed job or jobs created by a business locating into the County. Full time means a minimum 30 hours per week. Two part- time posts with hours totalling 30 per week or more may be accepted as one full time job equivalent. 20. Businesses must trade for a minimum of 30hrs per week. 21. You must agree not to do, or omit to do, or suffer to be done, anything which may cause the asset(s) to be forfeited or repossessed or may endanger this. 22. It is acceptable to buy plant, machinery or equipment second hand, on condition that the price is fair and that it is not the subject of previously funded public sector grant funds. 23. The Council reserves the right to publicise the awarding of the HIF award.
24. Any press or media coverage arranged by you relating to the project should include a reference to the County Council and Welsh Government financial assistance. This also relates to any marketing / website supported by HIF. 25. Once a HIF award has been approved no additional items can be included in the claim unless agreed by the Council. If the total expenditure is less than previously predicted (project cost within bid) the award will be reduced pro rata. VAT can be claimed if applicant is not VAT registered or not likely to be registered in the foreseeable future. The Council must be informed of any change in the project and written approval obtained for such change. 26. The County Council cannot offer financial support on any project that is likely to include the following activities party political purposes, the promotion of any particular secular/religious/political views, gambling, pornography, offering sexual services, any kind of illegal activities or any kind of activity which in the Council s opinion could bring the Council into disrepute. 27. During the 3year contract period the Council may visit your premises in order to carry out a monitoring inspection of the business and HIF aided asset(s). 28. The awarding of the HIF is discretionary and the Council's decision is final.
CONTACT DETAILS Business Support Team Economic Development Unit Isle of Anglesey County Council Anglesey Business Centre Bryn Cefni Business Park Llangefni Isle of Anglesey LL77 7XA Telephone:- 01248 752 484/463 Website:- www.anglesey.gov.uk Email:- econdev@anglesey.gov.uk Business Wales Building 9 Ffordd y Parc Parc Menai Bangor LL57 4BN Telephone:- 03000 6 03000 / 01248 668633 Website:- www.businesswales.gov.uk Email:- bangor@businesswales.org.uk