LEP leaders urge buisnesses to apply for RGF funding

BUSINESS leaders across the West Midlands have urged companies to ensure they capitalise on the next round for financing available through the £1bn extension of the Government’s Regional Growth Fund.

The appeal has been led by the organisations tasked with delivering economic growth to the region – the Local Enterprise Partnerships.

In the Black Country, Stewart Towe, chair of the Black Country LEP, said: “The RGF presents another fantastic opportunity for Black Country businesses to bid into a fund that could bring forward their growth plans. This growth will provide job opportunities for the people of the Black Country and improve the Black Country as a place to do business.”

Black Country companies have been relatively successful in the first two rounds of the RGF, receiving £9.6m. The funding will allow them to expand their business operations, with a further £54.7m of investment provided by the companies themselves. The projects will create and safeguard 700 jobs.

The LEP, which is made up of private sector members as well as the four Black Country councils has now joined forces with the Manufacturing Advisory Service and Black Country Chamber of Commerce, to maximise support for local companies.

Councillor Les Jones, leader of Dudley Council and LEP board member, said: the funding already secured would create more than 500 jobs and safeguard a further 170.

Denys Shortt, chairman of the Coventry and Warwickshire LEP, said firms in his area such as MIRA and Elonex had also benefited from the earlier rounds.

“We have been delighted to have been at the forefront of steering companies in the right direction to gaining funding from the initial phases of the £1.4bn of funding which was made available,” he said.

“It is positive news that a further £1bn has been released because businesses need to be given confidence to invest their hard-earned profits back into their company to expand and create jobs.”

He said he hoped businesses which had missed out in the earlier rounds would apply again.

Andy Street, chairman of the Greater Birmingham and Solihull LEP Board, said: “RGF is one of the key mechanisms through which larger businesses in the GBSLEP can access funding and already we have had significant success in securing investment.

“Having a further £1bn available from the Treasury is excellent news and we are already working with companies on supporting bids – this is an important opportunity for companies in the GBSLEP area to secure investment and undertake growth plans.”

The deadline for bids to be received in the third round of funding is midday on June 13.

Bids are competitive and must be made for a minimum of £1m unless the application is part of a package of projects.