EM3 Future Fund

The Future Fund has been set up by Enterprise M3 LEP to support innovative capital projects in the EM3 area, which covers north and central Hampshire and west Surrey, to help deliver on our vision for a low carbon, high growth economy.

Please note that the 2023 call for project proposals has now closed. Enterprise M3 will announce the outcomes of this funding opportunity in due course.

We are seeking high quality project proposals from organisations in the EM3 area that will focus on the following themes:

• Innovation
• Achieving Net Zero by 2050
• Digital connectivity
• Green skills and/or Digital skills  

Up to £10 million of capital funding is available. Funding will take the form of an interest repayable loan or a grant award. In order to maintain the ‘revolving’ nature of the Future Fund, loans are the preferred funding option. Grants will only be considered where there is a clear rationale put forward by the project applicant and this is supported by evidence of the high economic value the project could generate.

The types of Future Fund projects being sought range from demonstrators and pilots, to requests for seed funding as well as larger capital projects. We will be looking to support a small number of high-quality projects that will support growing businesses, help to drive economic growth more widely, create new or safeguard jobs in our area, provide CO2 savings, promote inward investment into the region, and/or enable new learning and learning space.

Eligibility

An organisation must be registered and based in the EM3 area, which you can view here.

Organisations who could apply include:

• Businesses
• Business support organisations
• Colleges
• Universities
• Public sector organisations, including local authorities 
• Third sector organisations, such as registered charities, community groups and social enterprises

Application process

The application process and indicative timelines are set out below:

Milestones                                                                                                Date

Submission of draft Business Cases  on 15 September 2023                  12.00 noon


Review of draft Business Cases and shortlisting                                       Mid-to-late September

(All applicants notified of outcome and feedback provided)


Due diligence of shortlisted Business Cases                                            October


Presentations to EM3 by shortlisted applicants - feedback provided        October


Submission of Final Business Cases by shortlisted applicants                 Early November


Review of final Business Cases                                                                November


Funding agreements signed                                                                      By no later than end of March 2024

Submissions to the Future Fund were via a Business Case template (a short application form outlining the project, aims and costs).

The closing date for submission of Business Cases was 12.00 noon on 15 September 2023 - no late applications will be considered.

EM3 LEP will allocate funding as available and, therefore, the opportunity to apply to the Future Fund may be paused or withdrawn at any time.

Please note that funding will be through an agreement with Hampshire County Council (the Accountable Body for EM3 LEP) and all agreements will need to be signed before 31 March 2024.

Further Information

Please click on the links below for further information and guidance:

Frequently Asked Questions (FAQs) - Updated on 30.08.2023

Guidance Notes documents - Updated on 14.08.2023

If you have any questions about The Future Fund, please email: EM3FutureFund@enterprisem3.org.uk