A new round of the Regional Growth Fund has opened – the Government is urging businesses across the country to bid for a share of the £350 million cash pot.
Launching the new round, Business Secretary Vince Cable said:
“The additional £350 million for the Regional Growth Fund is a big boost for those parts of the country facing structural problems. The fund has already supported a variety of industries - from motor vehicles to life sciences. This goes hand in hand with our industrial strategy.
The Regional Growth Fund is intended to help rebalance the economy by investing in companies that can create jobs and attract substantial match-funding from the private sector. For every pound of government money, the private sector is putting in six pounds.
Round 4 of the Regional Growth Fund will close to applications on 20 March at noon and bids will be appraised as quickly as possible. Potential applicants should look out for expressions of interest events in their region for support and further help with the application process. The first of these will be in Manchester on 31 January 2013 and is open to any organisation interested in bidding.
Selected bidders from Round 3 are currently agreeing terms and conditions for their final offers from the accelerated timetable which was announced in October 2012. This process and deadlines will be matched in Round 4 and all offers will be confirmed within six months.
The Regional Growth Fund (RGF) is a £2.6 billion fund operating across England from 2011 to 2016 supporting projects and programmes that lever private sector investment to create economic growth and sustainable employment. The first three rounds will leverage over £13 billion of private sector investment and create or safeguard over 500,000 jobs.
The additional funding was announced in the 2012 Autumn Statement as part of a range of measures to target help for businesses and rebalance the economy to drive growth.
The minimum threshold for Round 4 applications will be £1million. SMEs can get support through successful RGF programmes. For more information on how to apply visit www.gov.uk/understanding-the-regional-growth-fund
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