£198,364 grant remaining to allocate to the final round
Pre-application: The online self-assessment questionnaire is open. Complete as soon as possible
Full applications will be developed with support from CMN’s business advisor until the deadline
The Cornwall Marine Capital Fund is a £1.85m ‘delegated’ fund which is funded by the Regional Growth Fund and is operated by the Department for Business Innovation and Skills.
The key aim of this fund is to support capital project led activities enabling job creation and supporting the sustainable and long term growth of the marine sector by ensuring the regeneration and expansion of its capital infrastructure network.
CMN is interested in applications from the following types of businesses: ‘If the applicant’s end product or service enables their customers to use the sea or waterways, or products from the sea/waterways in some way, then they are part of the marine industry’.* see exclusions below.
What will be funded?
Regardless of the activity you want to fund, your project needs to prove that it is making an ‘initial investment’ into an activity that will enable your company to grow and create jobs. Projects which cannot match the RGF funding with significant private sector funds or do not create sufficient direct jobs and those that cannot attribute their activity and jobs to the marine sector will not be successful.
* Exclusions: Due to European State Aid restrictions, unfortunately the programme cannot support projects seeking investment for activities related to the production, processing and marketing of fishery or aquaculture products. Additional exclusions include (not an exhaustive list):
Please note that this is not an exhaustive list and always check if you are unsure.
Grants are available from £20,000 up to £200,000.
The amount of funding any business would eventually be awarded depends on 2 key factors: State Aid public spending thresholds and the number of direct jobs created as a result of the public investment in a project.
1. State Aid Funding Thresholds.
State Aid regulations determine maximum percentages of public funding support (aid intensity) allowed for different sizes of business in assisted and non‐assisted areas. State Aid Schemes vary. Cornwall a designated ‘category ‘a’ assisted area’ and is able to receive higher rates of public funding.
Here is the quick guide to the aid intensity thresholds for different areas of the Southwest:
These aid intensities relate to the total amount of funding from public sources a business can access for any one project. Cornwall and Devon % figures are based on the scheme called: ‘regional aid exemption’. If not an in an Assisted Area, regional aid is not available, but the ‘SME investment aid exemption’ could be used.
If this all sounds complicated, it is and we will always advise applicants to seek independent state aid advice before they sign any offer letter for public funding.
2. Direct Job Creation.
1 FTE (Full Time Equivalent) is defined as 1 job offering more than 30 hours per week for at least 3 years duration (5 years for large businesses). The number of direct jobs the project commits to creating if they receive support from the fund will determine how much funding can be offered. CMN has negotiated a benchmark of £10,000 investment per job created.
Note: We include apprenticeships as FTE jobs.
Regardless of the State aid position of your company and how many jobs you create, Round 4 is only able to offer around 25% support to your project.
Example 1: Company X wants a piece of equipment that if purchased, would increase his/her orders resulting in 2 jobs created. The new equipment costs £80,000. 25% of the project cost is £20,000. Investment for 2 jobs is 2 x £10,000 investment per job = maximum £20,000 grant.
Example 2: Company Y wants to extend its premises and buy more equipment to enable larger vessels to be built and serviced. (Eligible as long as the vessels are no bigger than 100 tonnes). The cost of the project is £300,000 and the improvements will enable the company to employ seven new staff. The grant would be no more than 45% at £135,000 but because only 7 jobs are created, the maximum amount of grant awarded would be £70,000.
RGF requires businesses to match this public funding with their own private sector resources and/or commercial lending (e.g. banks, SWIG loan www.swigfinance.co.uk). You could even match it with crowd funding, see http://www.crowdfunder.co.uk .
Applicants who plan to match with other public money (UK government or European) will not be successful under this scheme.
A 2 stage application process will be used – pre-application (online survey) and full application (form and guidance).
Copyright 2011 Cornwall Marine Network
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