Initial proposal – Strategic Outline Case (SOC. The initial proposal will be particularly important, as this will focus on establishing the case for the proposal. Before a project can progress to OBC, the application will need to demonstrate that it meets a set of core and hurdle criteria: Core selection criteria Fit with SIF Prospectus/Growth Strategy (effectiveness) the proposed intervention contributes to the objectives set out in the Growth Strategy/SIF Prospectus and other relevant strategies the proposed intervention demonstrates strategic linkages with other thematic projects GVA, jobs and wider benefits Clear case that the investment will deliver relevant activities and outputs that lead to GVA and jobs and other outcomes additionality of the project – clear case that the intervention would not otherwise take place, would be smaller, happen later or be of a lower quality VfM in relation to: o Efficiency – the rate/unit costs at which the intervention converts inputs to jobs, the Benefit Cost Ratio in terms GVA, as well as wider benefits, and the Net Present Public Value o Economy – the extent to which the intervention will ensure inputs are at a minimum costs commensurate with the required quality Hurdle selection criteria need/demand for project need for support - clear evidence that the project requires support from the SIF for example due to a funding gap availability of match funding - appropriate arrangements are in place to secure the required level of match funding management and delivery arrangements - appropriate expertise, capacity, capability and systems to deliver the intervention successfully capability to meet the financial requirements and liabilities that flow from receipt of SIF support the intervention is deliverable having regard to risks and dependencies compliance with necessary regulations and requirements, including - State aid, Procurement, Planning, and other consents such as legal due diligence requirements The Investment Team will be responsible for assessing the initial proposals. If successful at this stage, the project applicant will be invited to submit an outline business case for consideration by the Investment Panel.
Initial proposal – Strategic Outline Case (SOC. The initial proposal will be particularly important, as this will focus on establishing the case for the proposal. Before a project can progress to OBC, the application will need to demonstrate that it meets a set of core and hurdle criteria: Core selection criteria Fit with SIF Prospectus/Growth Strategy (effectiveness) the proposed intervention contributes to the objectives set out in the Growth Strategy/SIF Prospectus and other relevant strategies the proposed intervention demonstrates strategic linkages with other thematic projects Clear case that the investment will deliver relevant activities and outputs that lead to GVA, job creation at the local level and other outcomes as prescribed in the Growth Strategy/SIF prospectus GVA, jobs and wider benefits additionality of the project – clear case that the intervention would not otherwise take place, would be smaller, happen later or be of a lower quality VfM in relation to: Efficiency - The rate/unit costs at which the intervention converts inputs into jobs and GVA at the local level for any appraisal undertaken at the LCR local level. The overall national level Benefit Cost Ratio in terms of GVA, as well as wider benefits, and the Net Present Public Value must be in line with HM Treasury’s most recent Green Book guidance. The CA will make investment decisions based on a range of evidence presented within the business case including the strategic case and other local impacts and analyses of cost effectiveness (incljobs and GVA).
