Newhaven Enterprise Zone
Newhaven Investment Fund

Transforming Newhaven Investment Fund

– 2023-2026 –

Stage 1 Gateway: Expression of Interest

Introduction

The Transforming Newhaven Investment Funds offers flexible, blended grant and loan investment for local businesses and the public sector to invest in transformational growth projects.  The fund aims to support an inclusive economy, creating economic success and improving the health, wealth and wellbeing of all Newhaven residents.

The fund pot will support transformational projects and is open to public sector agencies working in Newhaven and businesses located in the Enterprise Zone area which meet the following criteria:

  • Support the Newhaven Enterprise Zone Strategic Objectives
  • Lever in a minimum match funding of 50% (1:1 investment)
  • Projects that are able to demonstrate impact and benefits
  • Projects that demonstrate value for money

A maximum grant of  £100,000 is available to support transformational growth projects and the fund will also support loan and equity investment up to £200,000.

A small proportion of the Investment Fund is also available to fund feasibility and technical work to structure and develop transformational projects. The maximum amount of feasibility funding grant funding is £30,000 per application.

In exceptional circumstances and subject to Newhaven Enterprise Zone Board approval, the maximum level of grant and loan investment support will be considered.

The Investment Fund is intended to fund transformational projects for which economic inclusive growth is the primary motivation and it cannot be used to support statutory services nor to supplement revenue budgets.

This is two stage application procress:

  • Stage One: A completed on-line Gateway Expression of Interest will be submitted to ensure that the eligibility criteria has been met and explaining why financial assistance from the NEZ is necessary to enable the project to proceed
  • Stage Two: Following assessment and approval, applicants will be invited to submit a full application

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    Gateway Eligibility Criteria

    Please confirm your company’s eligibility by answering the questions below:

    The project will operate in the Newhaven Enterprise Zone postcode area

    To be eligible, businesses must meet the following criteria:

    Fewer than 250 FTEs

    A balance sheet of less than £39M

    Turnover of less than £44m

    Have a business bank account

    Are able to provide evidence of full-time trading

    The applicant is not in any debt to the Lewes District Council or other parties

    The applicant does not have a County Court Judgement

    The applicant is not in bankruptcy, liquidation or similar at the time of application

    The project is able to demonstrate completion within a 2-year period following approval

    The applicant has not received more than £315,000 of state aid (last three years)

    The applicant will provide a minimum of 50% match funding investment towards the project

    Section 1 – Contact Information

    Section 2 – Project Summary

    Please tick what investment funding is required (indicative):

    Section 3 – Indicative Outputs

    Please list the indicative outputs that would be secured as a direct result of the Newhaven Enterprise Zone Investment:

    Section 4 – Declaration

    I confirm that the information provided above is accurate and if successful the company will be submitting a full application within ten working days of notification.

    Signature*