"The approval of the grant from Regenerate was a major factor in the decision to expand the Lancashire site"
Stephen Lees, General Manager, Mackintosh, Nelson.
Browse through our list of Frequently Asked Questions about the Lancashire Business Growth Fund programme to find the answer to your query;
Q: Is my project based in Lancashire?
A: Your project is based within Lancashire if business rates are paid to one of the following 14 local authorities that cover the County;
Q: Who is eligible to apply?
A: LBG invites applications only from established businesses of any age operating on a Business to Business basis. Pre Start businesses are not eligible. The fund is designed predominately for manufacturing companies.
Q: What are ineligible costs?
A: The purpose of the LBG fund is to create a net increase in the level of jobs in the Lancashire economy. All expenditure must be capital and directly linked to the creation of jobs. For property projects, qualifying expenditure must produce lasting, measurable improvements to the site\property. The following costs are ineligible under this scheme;
Q: How long will the process take?
A: The Expression of Interest will be considered and a response given within a maximum of 5 working days of submission. One of our advisors will then support you in the development of your full application and the supply of relevant supporting documentation. The independent panel meets monthly and your advisor will agree the timescales with you in terms of how quickly you wish to proceed.
Q: What are the Local Investment Panels?
A: The independent investment panel is made up of representatives from the private sector, Local Authorities and Universities. Panels meet monthly and applications completed by the submission deadline are taken to the next available meeting. Representatives from applicant businesses are not normally required to attend, though they may be invited to attend a subsequent meeting if the panel feels that more information is required and that the attendance of a representative would prove potentially beneficial to the application
Q: Are there any conditions attached to the grant award?
A: Yes, these will be set out in the grant offer letter and will relate to agreed milestones for the timing of project delivery and job creation. Failure to fulfill these contractual obligations will result in claw back of all or part of the grant.
Q: What does a grant offer letter look like?
A: Click on the link to view an example of the grant offer letter. Example of an Offer letter – Template LBGF Offer Letter
Q: If I have already started my project, can I apply for funding retrospectively?
A: No. Any funding included as part of the total project value, including grant, must not have occurred or been committed (i.e. order placed with suppliers) prior to written notification of a positive decision by the investment panel.
Q: If I am not creating the jobs directly can I still apply for funding?
A: No. Only applications submitted by the company that is directly creating jobs can be supported.
Q: What is the Regional Growth Fund?
A: The Regional Growth Fund (RGF) is a national fund that supports projects and programmes that help businesses to grow, levering in private sector investment, creating economic growth and sustainable employment. It aims particularly to help those areas and communities currently dependent on the public sector to make the transition to sustainable private sector led growth and prosperity. Lancashire Business Growth Fund is supported by the Regional Growth Fund.