Update for “named companies” or named beneficiaries
If you are one of the 27 companies named in the bid, you should be in regular contact with the SCR LEP either directly – or through your Local Authority Lead.
It is great news that the SCR bid has been successful and we have been conditionally awarded £25 million from the regional growth fund. This will fund grants for the 27 companies named in the bid and a further ~£15 of suitable projects.
If you are a named company in the bid you will have received the following correspondence on or around 19 November 2012:
“As you will know, the LEP’s RGF programme bid has been successful and your project was named in this bid (see: http://www.sheffieldcityregion.org.uk/projects/rgf/). Following a productive discussion between Sheffield City Council (who are “Accountable Body” for this programme) and two Government Departments (BIS / CLG) I now feel able to write to you will more definitive next steps.
Attached is the project application form that you sent us earlier in the summer. Can I ask that you review these documents and, once you are happy, submit these documents to RGF3accountablebody@sheffield.gov.uk. Please you also copy me into this email and Kevin Bennett (Kevin.firstname.lastname@example.org) and your local authority Economic Development Lead (if you have been working with someone from your local authority in developing your project).
When submitting these documents, please could you indicate if there have been any amendments – and if so, could you specify what these are and (briefly) why these changes have been made. Submitting these documents formally starts the contracting and due diligence process which will be managed by Sheffield City Council.
Assuming there are no significant changes to your project, Sheffield City Council will proceed with your project through the “due diligence” stage. Sheffield City Council will be administering a framework contract for due diligence, the cost of which will be met by the applicant (i.e. you). This due diligence process will be risk based, as light touch as is possible and take into account the evidence that you may have provided to obtain the rest of the funding for this project. Assuming that you are able to re-submit your project application before Christmas 2012 – we aim to have this due diligence process complete by March 2013. We will, of course, be able to give you a more detailed estimate of the cost of due diligence once a provider has been appointed and before any work is undertaken.
The default position of RGF is to make payment in arrears of outputs (i.e. jobs). Part of our due diligence process will be to assess if other methods of RGF payment could be more appropriate. This will be discussed with you in detail during January to March 2013.
If there is a significant change to your project – your project will have to be re-assessed at a LEP Panel in March 2013. This doesn’t preclude a RGF award – but it may slow things down for you.
It is our intention that the first expenditure of RGF will take place from April 2013.
One final point is that you may “start spending” on your project now – and this spend will still be eligible. However, I can’t stress enough that this expenditure is at your own risk – and no reimbursement will be made if you do not (for whatever reason) make it through the due diligence process.”