Invest West Kent Business Grants Programme Terms and Conditions

 

 

  1. The Grant is awarded as in accordance with Section 36 of the Subsidy Control Act which enables the Grant Recipient to receive up to a maximum level of subsidy without engaging the subsidy control requirements (with the exception of the transparency requirements for subsidies over £100,000) under the Act (“Minimal Financial Assistance”). The current threshold is £315,000 to a single enterprise over the elapsed part of the current financial year and the two preceding financial years (“the Applicable Period”).

  2. The Grant Recipient acknowledges and accepts that the relevant limit for Minimal Financial Assistance comprises other Minimal Financial Assistance, SPEI Assistance, Small Amounts of Financial Assistance given under Articles 364(4) or 365(3) of the UK-EU Trade and Cooperation Agreement, and De Minimis State Aid (“Exempt Subsidy/Subsidies”), irrespective of whether such subsidy or aid was provided by other public authorities and their agents, related to other projects or was made by means other than grants (for instance, foregone interest on loans) awarded to the Grant Recipient over the Applicable Period.

  3. The Authority has provided the Grant Recipient with a Minimal Financial Assistance notification through the Grant Offer Letter. The award of this Grant will be conditional upon the Grant Recipient providing the Authority with the Minimal Financial Assistance declaration form confirming how much Exempt Subsidy if any, it has received in the Applicable Period.

  4. The Authority may not pay the Grant Recipient the Grant if, added to any previous Exempt Subsidy the Grant Recipient has received during the Applicable Period, the Grant causes the Grant Recipient to exceed the relevant limit for Minimal Financial Assistance.

  5. For the purposes of the Minimal Financial Assistance declaration:
    a. the financial year means a period of 12 months ending 31st March;
    b. an enterprise means the enterprise that receives, or would receive, minimal financial assistance; and
    c. subsidy is subsidy granted to a single enterprise, which may include legal entities separate to Grant Recipient (such as current or former subsidiaries).

  6. The Grant Recipient must retain the Grant Funding Agreement and the completed Minimal Financial Assistance declaration form and produce it on request by the Authority.

  7. The Grant Recipient acknowledges that it is Grant Recipient’s responsibility to read the Subsidy Control Act its entirety, and seek advice (including legal advice) on its application to Grant Recipient’s business if appropriate.

  8. The Grant Recipient acknowledges that the Authority and Grant Recipient are jointly and severally responsible for maintaining detailed records with the information and supporting documentation necessary to establish that all the conditions set out in this Grant Funding Agreement are fulfilled.

  9. The Grant Recipient agrees to keep a written record detailing that it has received a subsidy by way of Minimal Financial, the date on which it was given and the gross value amount of the assistance and must keep the record for at least three years from the given date.