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Final Call for Regional Growth Funding

Has your business applied to the Regional Growth Fund? If not, the government is urging more businesses to bid for a slice of the £350 million worth of funding as the application deadline looms ever closer. This fourth round of funding is building on the success of previous rounds, and hopes to continue support for high quality projects and programmes which are looking to boost private sector investment and improve the UK job market.

The first round of the Regional Growth Fund opened in May 2010 and has supported many different projects across a range of industries, including:

- £326 million awarded to the automotive sector, to well known companies such as Nissan as well as those we may not have heard of, such as Zytek and Nifco.

- £243 million has been pledged to support 63 projects within the energy industry, including the renewable and carbon sectors.

- £55 million is supporting 14 projects within the life sciences sector.

- £137 million has been awarded to aerospace projects

Around £20 million and £5 million has been awarded to VisitEngland and Creative England respectively. This will help to market the UK as a travel and tourism destination, as well as helping to boost opportunities for digital start ups and SMEs within the creative sector.

SMEs are benefitting further as well, with over 1,100 grants being given to small and medium businesses through Regional Growth Fund Programmes, administers by banks and local enterprise partnerships.

The Regional Growth Fund is just one of the funding opportunities being pushed by the government, and as you can see, it’s probably one of the most successful. With funding available in such large amounts, if you’ve got a project that could benefit the UK economy then it could be worth applying.

If you’re looking for more everyday funding, then alternative finance could be the place to turn. Look into your invoice finance and factoring options in order to see what’s best for your business.

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