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Regional Growth Fund

The Regional Growth Fund (RGF) is now a £2.4bn fund operating across England from 2011 to 2015. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment. It aims particularly to help those areas and communities which were dependent on the public sector to make the transition to sustainable private sector-led growth and prosperity.
Update
Round 3 of the Regional Growth Fund is now open. £1bn is available for this round.
Key Information
  • Applications to round 3 of the fund must be submitted by 12 noon on 13 June by email to rgfround3applications@bis.gsi.gov.uk
  • Applications are open for both project and programme bids. Projects are defined as a type of RGF bid for funding to be awarded to a final beneficiary for projects which meet RGF objectives - to directly create jobs through private sector enterprise and growth; for activity to enable or unlock future private sector jobs growth.
Programmes are defined as a type of RGF bid for funding to be awarded to an intermediary who will then use it to do any combination of the following:
  • run a grant or loan scheme for final beneficiaries (e.g. in a particular place and/or for a specific sector and/or size of beneficiary)
  • provide funding to a predetermined set of projects (e.g. a package of small projects in an area or fund to support specific activities in an area such as training provision or infrastructure improvements)
  • Projects must have private sector involvement and create new private sector jobs. This needs to be clearly evidenced.
  • Areas of deprivation and those most at risk of public sector job losses will be prioritised.
  • The minimum amount that can be applied for is £1 million, although projects under this threshold which sit logically together can be packaged together to reach the total.
  • Projects funded by the Regional Growth Fund must provide evidence as to why they would not go ahead without the investment. They must also demonstrate value for money.
  • All submissions must be Green Book opens in a new window and State Aid compliant.
  • The Fund is competitive with an independent panel deciding which bids to put forward to ministers.
More detailed information and guidance is available from the BIS: Regional Growth Fund opens in a new window website.
Growth Fund in Torbay
Torbay Development Agency is working to develop a number of projects which could benefit from the Regional Growth Fund. If you are private sector organisation in Torbay with a project which you feel meets the government criteria please let us know, we may be able to offer guidance on the process.
We are keen to ensure all projects within Torbay have the best chance of succeeding, and to do this will be made easier if all the bids are cohesive, and offer real opportunities for growth in the Bay.
With this in mind, if you are thinking about applying please contact us on the following email: suzie.masterman@tedcltd.com.
Back to Top | Last updated on 17.05.2012 at 11:39:57