The Government has announced an additional £350m allocation of Regional Growth Funding accessible to businesses in the UK. The Regional Growth Fund (RGF) is a £2.6 billion fund operating across England from 2011 to 2016. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment.
Robert Hough, Chair of Liverpool LEP welcomed the announcement: “Liverpool City Region businesses have an excellent track record in bidding for RGF and I would encourage local businesses to apply for this next pot of money.
“As the LEP we have supported many RGF bids across the region and we are currently finalising the terms of our own RGF Programme. This £10 million programme will benefit businesses that want to grow and will allow us to create employment in the City Region.”
The minimum threshold for Round 4 applications is £1million and submissions have to be submitted by March 20, 2013. Allocations are made by Government on a competitive basis. The LEP is not involved directly in the decision making process but can offer advice and support to potential applicants.
On behalf of businesses in the City Region and partners, the LEP submitted an application under Round 3 of RGF for funds to support businesses requiring less than £1million. That bid was successful and the LEP are currently in due diligence discussions with Government with the aim to seek expressions of interest from interested businesses in February.