OxLEP Business is currently funded through the Department for Business, Energy and Industrial Strategy (BEIS) and the European Regional Development Fund (ERDF). As such we can provide SMEs with services which are completely free.
What to expect
This support constitutes state aid/subsidy to your business, and this is explained in the client application forms for our programmes.
In signing up to receive this support from the eScalate or ISfB projects, whether it is a webinar/workshop, 1:1 or peer support, you are being offered assistance under the De Minimis regulation 1407/2013 of 18.12.2014 OJ L351/1 of 24.12.2013.
If you are receiving support through our Enhanced Growth Hub, Peer to Peer programme or the Business Investment Fund, you are being offered assistance under Special Drawing Rights (SDR) part of the UK’s Subsidy Control requirements.
SDR came into force after the UK’s departure from the European Union and whether support is given under De Minimis or SDR will depend upon when contracts were issued and the requirements of the funding body.
De Minimis allows a company to receive up to but not exceed €200,000 of public funding (at the applicable exchange rate) of De Minimis aid over a rolling three-tax year fiscal period. SDR allows a company to receive up to but not exceed €325,000 of public funding (at the applicable exchange rate) of De Minimis aid over a rolling three-tax year fiscal period.
Any De Minimis aid or SDR offered which exceeds the relevant limit may be subject to repayment with interest. If you have received any De Minims aid or Special Drawing Rights subsidies in the last three fiscal years you must provide us with details of declarations in the table on your application form for the relevant programme. N.B. De Minimis aid counts towards your SDR allowance and SDR subsidy counts towards your De Minimis allowance.
If you are awarded a grant it is clear how much financial support your business has received. However, if you have received non-financial support in the form of a webinar, 1:1 or peer network, the value of aid is calculated using a Gross Grant Equivalent (GGE) formula. To calculate this, we have sought 3 quotes from commercial providers to establish how much they would charge an individual company for the support on the open market and used the average of these to calculate the value which this support would cost to purchase privately.
We will provide you with an estimate of the amount of state aid you could receive upon signing up to the ISfB or eScalate programme. This figure (the amount of aid/subsidy awarded) must be used in any aid declarations that you make while you are participating on a project. Once you have completed participating, you can then use the amount of aid actually received. You will receive an annual letter summarising the total amount of aid received in the last financial year. You should keep these letters for at least the same length of time as you may be required to use them to make declarations.