The Growing Innovation Fund is funded by the Growing Places Fund (GPF) and is being delivered by the South East Midlands (SEM) Growth Hub (previously part of SEMLEP). The Growth Hub is now being hosted by West Northamptonshire Council and will continue to support the economic growth of the South East Midlands region. The Growth Hub has an ambition to deliver the innovation and commercialization of ideas set out in the Local Industrial Strategy and the Economic Recovery Strategy.

We have up to £3,864,500.84 of Growing Places Fund to launch a grant scheme of £100,000-300,000 grants for organisations to apply to support their innovation ambitions.

We are therefore inviting Expressions of Interest for projects that may be suitable for capital funding. Once your EOI has been approved you will be invited for full application. The last date for receipt of Expressions of Interest is 5pm on 1st June 2024.

There is an ambition to ensure we have a geographical spread of projects across the six local authorities in the South East Midlands region.

The deadline for submission of full application is 5.00pm on 17th June 2024.

Projects who are invited for full application would need to demonstrate compliance with the SEMLEP Assurance Framework and the Value for Money and Subsidy Control rules (formerly State Aid) You will also need to provide:

Completed application form. All sections including the Subsidy Control section below
A copy of your company’s most recent filed accounts (and draft if beyond mid-year)
Comparative quotes for items of expenditure (in line with our procurement rules)
A full 12 month cash flow forecast
Company’s Procurement Policy
Subsidy Control Assessment (If applicable)
Project Delivery Plan showing milestones, dates, payments etc
Risk Register
Cost Benefit Analysis
Value for Money Analysis
Evidence of Match Funding being in place

Successful projects will have:

Ambitions that support innovation, decarbonisation and the commercialisation of ideas set out in the Economic Recovery Strategy of the South East Midlands, in line with the Local Industrial Strategy
At least 50% of funds coming from other sources – funding is likely to be available only where all other options have been explored and there is a clear rationale for public sector investment
The typical grant must be between £100,000 and £300,000
Significant outputs and impacts as a result of the investment including - jobs created, new products and services leading to high value for money from the public purse
Very clear objectives with well evidenced need and demand for the project with a strong ambition to deliver sustainable economic growth
A strong track record of capital project investment and delivery
A clear positive approach to net zero carbon and equality and inclusion which will be demonstrated in the application

Strategic priorities for the scheme are as follows:

Support for innovation to improve productivity in key sectors.
Supporting commercialisation and testing of ideas, particularly for the Future Mobility and Clean Growth sectors.
Decarbonisation - we would like bids to be accompanied by a decarbonisation ambition as a minimum
Contribution to local priorities (including the local authority where the applicant is based), and evidence of the importance of social value and inclusion

For more information about the EOI process and further support, you can contact us via gifgrants@semlep.com