The Department for Business Innovation and Skills (DBIS) has updated guidance for the Regional Growth Fund with the deadline for the next round of applications being midday on 30 September 2014.
DBIS writes:
The £3.2 billion Regional Growth Fund (RGF) supports eligible projects and programmes that are also raising private sector investment to create economic growth and sustainable employment. Selected bidders must drawdown their grants between 2011 and 2017.
Rounds 1 to 5 of the RGF have supported 430 projects and programmes across England – allocating £2.9 billion of government support, which is projected to deliver 573,000 jobs and £16 billion of private investment between now and the mid-2020s.
To date £876 million of RGF support has been drawn down by companies, delivering nearly 86,000 jobs and £2.3 billion of private investment.
Round 6 of the RGF opened on 19 June 2014 with over £200 million. Bidders have until midday on 30 September 2014 to submit their applications to the Fund – bids submitted after this will not be accepted.
Selected bids will be announced in early 2015 and will have until March 2017 to drawn down their RGF funding.
Round 6 remains focused on private sector bids. The minimum bid threshold is £1 million. RGF continues to operate in England only.
Every single application is then reviewed by the RGF Independent Advisory Panel (IAP). IAP – chaired by Lord Heseltine – is an independent group of experts, comprised of senior people from across industry, finance, central government, local government, regeneration and academia. Their role is to advise Ministers on which proposals should be supported.
Ministers will then meet to decide which projects and programmes to offer conditional support to. Selected bids for Round 6 will be announced early in 2015. These proposals will then proceed through due diligence, before agreeing final terms.
