£300m for fifth round of Regional Growth Fund
THE Government has committed £300m to a fifth round of its Regional Growth Fund, taking the total to £2.9bn.
Deputy Prime Minister Nick Clegg said bids were invited from companies seeking more than £1m to go towards projects that will generate significant private sector investment and sustainable jobs. Businesses will be able to submit their bids until noon on 9 December.
So far the RGF has supported more than 400 projects and programmes, which will create and safeguard hundreds of thousands of jobs over the long-term and stimulate £14.7bn of private sector investment.
Businesses will be able to submit their Round 5 bids until noon on December 9, and do not need to put forward their applications through their Local Enterprise Partnerships.
Deputy Prime Minister Nick Clegg said: “The economic recovery is starting to bloom – we’re seeing very encouraging signs that we are turning a crucial corner on our road to recovery.
” Home-grown and British-based businesses are leading that charge for a stronger economy. The Regional Growth Fund is a helping hand from the government, but I pay tribute to the people who are working hard to fuel our recovery.
“My message to businesses in every region is clear – if you’ve got a project that needs a boost, bid for cash from the Regional Growth Fund.”
To help bidders on their applications, roadshows and expression of interest days will be held throughout the country to provide advice on how to make a successful bid.
The regional event will take place on November 13 in Liverpool.
Business Secretary Vince Cable added: “The Regional Growth Fund is a key part of our plan for growth, helping to create new jobs outside London and mobilising over £5 of private sector investment for every £1 government puts in.”
There will be a sixth round of RGF too, and this will be launched in the summer of 2014.
Darrell Matthews, North West Region Director at EEF, the manufacturers’ organisation, said: “Today’s announcement is a positive evolution for the Regional Growth Fund. It provides forward notice of the next two Rounds which helps to align the Fund to the long term investment decisions made by manufacturers.
“The Government has also accepted that Round 5 bids should be restricted to business-led projects. This sends a clear signal to Local Enterprise Partnerships that their focus should be on long term strategy, not short term projects or programmes.”
