Good Growth Fund in Cornwall opens for applications – more details

My first blog on the first round of funding available through the Good Growth Fund gave an overview of the fund and the seven funding categories.  In this blog I will set out more details on the elements of the Good Growth Fund that I understand are focused on businesses.

Category: Strategic Business, Enterprise & R&D Infrastructure

Total fund	£18,7m of which: ·         £750k for Revenue projects ·         £17.95m for Capital projects
Award limits for Revenue projects	Min: £20k Max: £100k
Award limits for Capital projects	Min: £500k Max: £5m
Projects should	·         Demonstrate need for grant (see further below) ·         Addressing the issues presented in CIOS Good Growth Investment plan e.g., business productivity and competitiveness ·         Demonstrative market failure
Projects prioritised include	·         Clean Energy Resources ·         Geo-Resources ·          Data and Space ·         Visitor Economy ·         Agri-food ·         Digital connectivity
Other	Projects are likely to fall within the following planning classifications; office: B1a and b; industrial: B1c, B2 and B8, and projects that are located in towns or in strategic employment sites would be preferred.
First review point of projects	2 September 2022
Webpage	Link
Initiation form	Link

In the webpage for this category it says ‘Projects that are ready to be delivered but stalled, with ownership secured and statutory permissions in place, will be at an advantage.

We understand that bids are anticipated for workspace projects for this element of the fund, though as currently drafted other large capital projects (>£1m?) would seem to fit the criteria. Mention is also made within the webpage of ‘feasibility studies, design, planning, specialist advice’ being potentially eligible for revenue support.

Category: Town, Rural and Coastal High Street Development

Total fund	£1.25m of which: ·         £1.25m for Revenue projects ·         £3.15mm for Capital projects
Award limits for Revenue projects	Min: £30,000; Max: £500k
Award limits for Capital projects	Min: £30,000; Max: £500k
Potential activity includes:	·         Development and refurbishment of new and/or existing buildings to encourage reducing ‘holes on the high street’: ·         Creating managed workspace hubs ·         Encouraging additional footfall and ‘dwell time’ through provision of outdoor tables and chairs, temporary eateries and theatre and art events; ·         Investing in electric vehicle infrastructure. (Note: above are extracts from ‘non-exhaustive’ list
First review point of projects	2 September 2022
Webpage	Link

Timelines
Above I have shown the first review point for projects, projects submitted by this date (2 Sept) will be appraised in September 2022 and assessed / presented to Economic Prosperity Board in October 2022. There are 3 subsequent Review Points – see page 18 of document at link.

Guidance for applicants

The document at link provides useful guidance on:

• Support available for Good Growth applicants ([email protected])

• Capital or Revenue expenditure

• Ineligible costs

• Funding Agreement

• Audit

• Subsidy control (i.e., replacement for EU State Aid Rules)

• VAT

• Procurement

• Claims

• Project change request

How to apply

Potential applicants are directed by Good Growth Fund team to initially need fill out the initial enquiry form, located on each Funding Opportunity Page, or on the Contact Page and The Good Growth team will assess your initial enquiry and be in touch with further information (within five working days), including signposting to applicant support if appropriate and how to proceed with your application. The webpage for applicant support also contains a link through to the example application form and other guidance.

PKF Francis Clark

I and colleagues at PKF Francis Clark have experience in assisting businesses with grant applications and can tailor our support proportionate to your needs and grant being applied for. We can also advise on impact of timing on capital expenditure on availability of tax deductions (i.e.., capital allowances) and interaction of grant with aforementioned and R&D Tax Credits. Any questions at this stage please contact me or your usual PKF Francis Clark point of contact.

As a reminder the Good Growth Team are hosting two webinars on the fund aimed at potential applicants for details see previous blog post..