£350m Regional Growth Fund’s round four opens for bids
Extra funding promised in Autumn Statement now available to growing businesses
The Regional Growth Fund has launched its fourth funding round, inviting ambitious businesses to bid for a portion of the £350m cash pot.
The extra money was pledged to the fund in the Autumn Statement and aims to offer growing businesses and enterprising projects a minimum cash injection of £1m.
Launched in 2011 by the Department for Business, Innovation and Skills (BIS), the £2.6bn Regional Growth Fund aims to boost businesses in economically deprived areas by providing loans and grants to companies that secure match funding.
With £450m dedicated to round one in April 2011, £950m to round two in the Autumn of the same year and £1bn set aside for round three in 2012, the fund has supported 180 projects to date.
To mark the launch of the latest round, business minister Michael Fallon is today visiting recent recipient of the fund H V Wooding in Kent, where he will be encouraging other firms to apply.
Precision engineered components manufacturer H V Wooding was announced as Kent’s biggest recipient of the funding in November.
Fallon said of the fund, which is set to run until 2016: “The Regional Growth Fund is playing a pivotal role in supporting business and enterprise. Jobs are being created, money is being invested and the fund is making a difference.
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“This additional round will help keep the momentum going.”
Deputy prime minister Nick Clegg claims that only projects with real economic value will receive funding.
He said: “There’ll be stiff competition, and we can only invest in those projects that will lead to sustainable jobs and the best value for money.
“Boosting jobs and growth is our number one priority for Britain right now. That is why I am so pleased to be opening a fourth round of the Regional Growth Fund which supports growth across a range of industries.”