What is the Regional Growth Fund (RGF)?
• £3.2 billion competitive Government fund currently only open to private sector bids.
• RGF provides financial support for projects and programmes with significant potential for creating economic growth and creating or protecting jobs.
• The Fund prioritises target areas and communities overly dependent on the public sector to help the transition to private sector led growth and prosperity.
• Bids must be for a minimum of £1 million RGF, either for an individual project, packages of projects or programme of support that meet this threshold.
• RGF looks for AT LEAST £1 of private investment for each £1 of public support (and preferably more!)
What are the chances of success?
• Under Rounds 1 to 4, nationally 1679 bids were made with 396 receiving awards; this is just under a 1 in 4 success rate. This included an award to the Ellesmere Port Development Board of £6 million.
Why should you be interested?
• If you have a ‘growth’ project in development that needs some extra funding to get started or reach its full potential.
• If you can complete a full application by 30th September 2014 and claim all grant by March 2017.
• If your project can comply with the State Aid rules (the rules that govern how the public sector can provide financial assistance to businesses). It is recommended that you check this with BIS at an early stage.
What are the next steps?
• Read the summary leaflet and detailed guidance on RGF Round 6
• Contact BIS directly: growthfund@bis.gsi.gov.uk
• BIS has made it clear that RGF 6 is only for private sector applicants, so you clearly need to lead any bid you make. However Cheshire West & Chester Council Economic Growth Team is happy to offer advice and support to potential applicants, particularly given that we have previously had success in bidding for RGF.
For further advice please contact:
Gill Williams, Economic Development, Cheshire West & Chester Council
T: 01244515563 E: gill.williams@cheshirewestandchester.gov.uk
and/or
Lesley Bassett, Growth Strategy Team, Cheshire West & Chester Council
T: 0151 356 6715 E: lesley.bassett@cheshirewestandchester.gov.uk