Gateshead Council is seeking to appoint an organisation to provide due diligence services to assist the Council and its delivery partner in administering The Growth Fund (TGF).
The Growth Fund is a new grant programme for SMEs in Gateshead, South Tyneside and Sunderland local authority areas for capital investment projects to stimulate and enable sustainable business growth and is funded by the England European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.
The Growth Fund is being delivered by Gateshead Council in partnership with UMi Limited.
The successful tenderer will be required to carry out due diligence on grant applications that have been approved in principle by TGF Investment Panel, documenting its findings in a written report and providing a recommendation to Gateshead Council and UMi.
The specific services to be provided will be as follows:
• Provision of financial, due diligence, grant and state aid advice to UMi, TGF Investment Panel and Gateshead Council in connection with TGF.
• Attendance at TGF Investment Panel meetings (in a non-voting capacity) with the Investment Panel normally meeting every 2 months or more frequently if necessary. Meetings will be held either in person or via video conference, according to the prevailing circumstances at the time.
• Carrying out due diligence appraisals of grant applications approved in-principle by TGF Investment Panel
• Preparation of a written report on each grant application, in accordance with the scope
• As and when required in connection with TGF:
- Advice on an ad-hoc basis in addition to advising on the points outlined in the written reports.
- Provision of case-specific advice on grant applications to ensure potential issues and risks are identified and addressed quickly.
- Attendance at Panel meetings to provide technical advice
- Delivery of financial training to the project delivery team in order to share best practice and specialist insight.