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Are you eligible for the Regional Growth Fund?

Have you got your application in for the Regional Growth Fund? The latest round of funding closes at the end of March and the government is still pushing for small and medium sized businesses to get involved and bid for a slice of the £350 million of available funding. If you’ve got a project that will stimulate the economy and boost jobs in your local area, then this government initiative could be worth a bit of your time.

The RGF is a £2.6 billion project looking to support innovative and economically beneficial projects in the UK. £2.4 billion has already been allocated to various projects across diverse fields such as research and development in medical, engineering and automotive industries. The round of funding that closes at the end of the month will allocate another £350 million, making it a big source of funding for many businesses looking to launch new projects.

If you’re a small or medium sized business then there are many approved RGF programmes aimed at SMEs who might be seeking smaller, but equally beneficial, amounts of funding. As such, it’s worth knowing what you’re dealing with:

Are you eligible?

The RGF is open to businesses in the private sector, and you can apply individually or in partnerships with other private or public sector organisations. Projects themselves must be based in England, though companies can be based elsewhere. The minimum amount of funding award-able is £1million, and the closing date is 20th March.

What do bids need to include?

Successful bids need to:

- create sustainable growth within the private sector.

- rebalance the economy in areas currently dependent on the public sector.

- not otherwise go ahead without support from the RGF.

- offer value for money.

So, does this sound like something that could help you business? If so, it’s time to get on with the application.

 

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