London Development Agency

Meeting: 
MQT on 2007-01-30
Session date: 
January 30, 2007
Reference: 
2007/0219
Question By: 
Richard Barnes
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor

Question

When providing Regional Selective Assistance grants to small businesses, does the London Development Agency request to see or indeed analyse any potential business plan prior to payment being made, to assist in assessing the viability of a project?

Answer

Answer for London Development Agency

Answer for London Development Agency

Answered By: 
The Mayor

Regional Selective Assistance (RSA) no longer exists and has been replaced by Selective Finance for Investment in England (SFIE). Both are DTI schemes with DTI determined eligibility criteria, but are delivered by regional development agencies. As part of the application process, businesses both large and small are required to provide historical financial information including company accounts, financial projections, and in most cases, a business plan. The LDA uses this information as well as market advice and Companies House records to assess the viability of a project at the appraisal stage. The financial appraisal is undertaken by an experienced qualified chartered accountant. When monitoring such projects, on-going viability is assessed before any payment is made.