Regional Growth Fund open to bids over £1 million

October 11, 2013 4:51 pm

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Round 5 of the Regional Growth Fund is now open for bids of over £1 million and will remain open until midday on 9 December 2013. In total up to £300 million will be available and the successful bidders will be announced in spring 2014.  Businesses with high quality projects/programmes bringing in private sector investment and creating sustainable jobs should read on…

Bids should be delivered by the private sector (including universities and HE establishments) but may be supported by Local Authorities or Local Enterprise Partnerships.  Organisations can be part of more than one bid – for example, a company may be submitting a bid of their own and be one part of a programme bid as well – however, duplicate bids will not be accepted and each project should only relate to one bid.  Applicants who were unsuccessful in previous rounds are eligible to bid in this or any subsequent round.

Bids will again be judged on how well they create sustainable jobs and will be assessed against five criteria:-

    • project location
    • additionality
    • sustainable private sector growth
    • value for money
    • State Aid compliance

 

All funding will need to be drawn down by 31 March 2017, but projects or programmes can last longer.

Bids must be at least equally matched by private sector money, with a minimum of a 1:1 ratio of private sector contractible match-funding to RGF investment.  However, as this is a competitive fund, it is expected that this ratio will be higher.  European Regional Development Fund (ERDF) funding can be used to support bids but must not replace private sector match-funding requirements.

To read more detailed guidance on the types of projects that can be supported and restrictions on funding, see more information provided by the Department for Business, Innovation and Skills or visit the D2N2 website where you will also find funding opportunities under their Unlocking Investment for Growth fund for projects looking for investment under £1 million.

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