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Regional Growth Fund Launched Today
What is the Regional Growth Fund?
The Regional Growth Fund is a discretionary £1.4bn Fund that will operate for 3 years between 2011 and 2014 to stimulate enterprise by providing support for projects and programmes with significant potential for creating long term private sector led economic growth and employment. In particular it will help those areas and communities that are currently dependent on the public sector make the transition to sustainable private sector-led growth and prosperity.
Who Qualifies?
Bids for funding from private bodies and public private partnerships across England on a challenge basis will be accepted. We envisage bidding partnerships coming together that include a combination of large private sector players, SMEs and social enterprises working together with public partners. In particular it is expected that Local Enterprise Partnerships will play a role in coordinating across areas and communities, and in bidding for the Fund. While all areas of England are eligible to bid for the RGF some parts of the country, particularly where there is currently high employment low-levels of deprivation and a vibrant private sector, may struggle to demonstrate how they meet the second objective of the fund.
What sort of projects qualify?
The Regional Growth Fund will provide a mixture of direct support for private sector investments and support for some basic infrastructure that removes the barriers that trigger private sector led economic growth as part of a wider investment. Bids must be able to demonstrate that the Fund will create long term growth by levering private sector investment and jobs.
How much is available?
The RGF is a £1.4bn fund. A minimum bidding threshold of £1m assistance will apply. This will ensure that the Fund is accessible to SMEs, which should encourage a wide diversity of bids, harnessing innovation from all sectors. A lot of interest in the Fund is anticipated so bidders need to present realistic and competitive bids. Projects that would go ordinarily ahead without support from the Fund will not be considered.
Who decides?
Final decisions regarding support and prioritisation will be taken by a ministerial group chaired by the Deputy Prime Minister including the Chief Secretary to the Treasury and the Secretaries of State for: Business Innovation and Skills; Communities and Local Government; Transport; and Environment Food and Rural Affairs. The ministerial group will be assisted by an independent advisory panel chaired by Lord Heseltine that will make recommendations on which proposals best address the objectives of the RGF.
When will bidding commence?
Round 1 of the bidding is now open with a closing date of 21 January 2011. The second round will be announced shortly. It is planned that there will be at least three rounds of bidding.
Road shows
To support potential bidders there will be a series of road shows taking place across England to provide further information about the Fund, provide an opportunity for potential bidders to network and to attend "clinics" aimed at supporting bidders in the process. Further information about these events will be published here as details are confirmed.
How do I find out more?
http://www.bis.gov.uk/policies/regional-economic-development/regional-growth-fund