Applications will be considered from any organisation, whether operating in the public, private or voluntary sectors. However, to be eligible for consideration for funding the application will be reviewed against the following criteria:
- The potential to have a significant positive impact on the economy of Devon, Cornwall (including the Isles of Scilly) or Somerset within a reasonable time frame. The applicant will need to demonstrate the ability of the project to generate new jobs, particularly if these are high quality skilled jobs and/or make a significant improvement in productivity.
- The Fund will focus on making investments where the project is unlikely to proceed without the Fund’s support.
- The Fund will not be the sole source of finance for a project and it is expected that applicants will secure a minimum of 25% of the project costs from sources other than the Inspiras Loan Fund. There is no set intervention rate; this is at the discretion of the Investment Panel.
- The Fund will look positively at proposals that use its contribution to leverage significant additional investment.
- Leadership, project credibility, risk, value for money and impact will all be important considerations in the assessment of any project.
- Investments from the Fund will normally be between £100,000 and £250,000. The Fund is unable to support smaller projects.
- Applicants must be able to demonstrate that they have already received professional support from a business coach, accountant or similar who has reviewed their business plan.