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Funding Guide

Funding for this framework is now open. Click Here to find out more and apply today

Priority 1 - Action Area 1 (AA1-1)

Developing High Value New Enterprise

Funding for projects which help high value start-ups to establish and grow. The emphasis is on businesses which will generate Gross Value Added for the Northwest economy.

Rationale

The Northwest underperforms on the key factors that correlated closely with start-up rates, such as: population change; earnings; and education levels. This underperformance leads to relatively low levels of start-ups, business density and self-employment.

There is also evidence to suggest that lower growth aspirations and fear of failure are features of the Northwest enterprise culture.

The Northwest has 18% fewer VAT registered businesses (per 10,000 adults) than the England average, resulting in a gap of 38,000 businesses. The region's start-up rate is also well below the English average, including low levels of high value start ups.

There are some positives which the Northwest can build upon

  • Business survival rates in the Northwest have improved in recent years
  • The Gross Value Added growth rate (per head) for the region was higher than the national rate, in the latest available figures (2004-2006)

Eligible Activities

There are four types of project eligible for funding under AA1-1

  • Strand 1: Expanding & Developing High Growth Business Support
  • Strand 2: Supporting Enterprise Promotion Activity & Enterprising Behaviours
  • Strand 3: Support for the Provision of Incubator Space for High Growth Start-Ups
  • Strand 4: Support for the Enhancement of Incubator Services

For more information on each of these strands, download the Investment Framework.

We are currently inviting Expressions of Interest under AA 1-1 Strands 2, 3 and 4. To discuss your project idea please contact Hazel Catt.

Venture Capital Loan Fund

In addition to the standard NWOP funding, there is a Venture Capital and Loan Fund to support high growth start-ups, as part of AA1-1.

Notes

AA1-1 is quite distinct from AA4-1. (AA1-1 targets businesses with growth potential. AA4-1 targets enterprise primarily as a route out of worklessness.)