Regional Growth Fund (RGF)
A £2.4bn fund operating across England from 2011 to 2015, supporting projects and programmes that lever private sector investment to create economic growth and sustainable employment.
For SMEs
The Regional Growth Fund continues to be available to SMEs and there are two different ways they can gain access to the fund.
Firstly, through existing projects that are run by public/private partnerships such as the local authority, university or newspaper, or run by private sector intermediaries that can advise and assess small businesses who can apply directly to these locally run schemes. (See PLYMOUTH UNIVERSITY & WESTERN MORNING NEWS GROWTH FUND)
Secondly, by directly applying to the next round of the fund, if the threshold of the individual project is over £1m, or if they work with other organisations to collaborate as part of a programme bid
For more information:
For ALL Businesses:
The Government has announced that the latest round of the Regional Growth Fund (RGF) is now open. It is envisaged that the process for applications will not be as protracted as it has been in the past, with turnaround of six months. As with previous rounds the £1m minimum bid threshold remains and projects must be match funded. Ratios in past rounds have been around £1 of RGF to £3-4 of private match. This is a competitive fund and projects must be able to spend by end March 2016 and should therefore be 'shovel ready'. RGF is aimed at capital investments, training and research and development proposals that create and safeguard private sector employment.
The criteria for applying remain unaltered. Projects should:
1. Create additional sustainable private sector growth
2. Rebalance the economy in areas currently dependent on the public sector
3. Only happen with RGF support
4. Be value for money
5. Be State Aid compliant
A series of roadshow events will be held across England, including the South West, for potential bidders to express an interest and learn more about the fund and what Government is looking for from submissions. For more information about the RGF: https://www.gov.uk/understanding-the-regional-growth-fund
The south west event takes place on Monday 11 February in Bristol.
Register for this event by emailing [email protected] or telephoning 0207 215 6061.
The closing date for applications is noon on Wednesday 20 March 2013.
Plymouth City Council would welcome hearing from potential bidders and can provide assistance with statistical information and lobbying of local bodies. Please contact Jeffery Kenyon by email at [email protected].
As in previous rounds, Local Enterprise Partnerships have played a key role in endorsing applications from across their areas. The Heart of the South West Local Enterprise Partnership (HotSW LEP) is the local LEP, and applicants should also make it aware of their intention to bid. For more information about their activities: http://www.heartoftheswlep.co.uk/
