Businesses Urged to Bid for Share of £350m Growth Funding
18th January 2013
This fund represents an opportunity for our economy to prosper through new projects, developments and jobs.
With this next round of funding, I would urge England’s budding businesses to produce top-quality bids to access the money that can help them grow.
Businesses in Greater Lincolnshire are being encouraged to apply for a share of £350 million following the unveiling of a new round of bidding for the Regional Growth Fund (RGF).
Announced by Deputy Prime Minister Nick Clegg yesterday (17th January), the money is aimed at helping manufacturing firms, small businesses and local partnerships across England to expand their operations, create new jobs and stimulate growth.
The Greater Lincolnshire Local Enterprise Partnership (LEP) is keen to ensure the region receives a fair share of the pot and wants to hear from anyone who’s got a good idea but needs financial support to make it happen.
Ursula Lidbetter, Chair of the Greater Lincolnshire LEP, said: “This fund represents an opportunity for our economy to prosper through new projects, developments and jobs. Increasing business growth in our area demonstrates that Greater Lincolnshire is a place to do business, encouraging inward investment, further increasing our local economy.
“Applying for a share of the RGF can be a daunting process, which is why we want to support businesses through the application process and hopefully secure that funding. We are also seeking ideas and input for a potential collective bid, which could help the Greater Lincolnshire area secure a bigger slice of the pie.”
This is the fourth round of funding for the RGF. The minimum threshold for applications is £1million.
The RGF is split into two categories; the first is ‘projects’, which sees funding go directly to the final beneficiary whether it’s a company, local authority or non-profit body. The second is a ‘programme’ where money is awarded to an intermediary who will then use it to run a grant or loan scheme for final beneficiaries, or develop infrastructure to enable business growth.
The fund has already helped 180 projects across the UK get started, creating and safeguarding local jobs and attracting significant private sector investment. North Lincolnshire Council was awarded a share in the second round of funding to help create 500 jobs in the area.
Deputy Prime Minister Nick Clegg said: “The Regional Growth Fund is already proving a shrewd investment by providing a welcome boost to jobs and growth across the country, with thousands of jobs created, businesses expanding into new markets and manufacturing new products. With this next round of funding, I would urge England’s budding businesses to produce top-quality bids to access the money that can help them grow.
“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.”
Applications for RGF bids must be in by 12 noon on 20th March. All offers will be confirmed within six months. Anyone interested in applying can contact the Greater Lincolnshire LEP by emailing or calling 01522 550 540.
Notes to Editors:
About the Greater Lincolnshire LEP
- The Greater Lincolnshire Local Enterprise Partnership is a body led by the private sector which aims to improve conditions for infrastructure and doing business in the Greater Lincolnshire area.
- For more information about the Greater Lincolnshire LEP please contact Ruth Carver or Carolyn Tuscher at the LEP Secretariat on 01522 550515, or visit www.greaterlincolnshirelep.co.uk.
About the Regional Growth Fund
- The Regional Growth Fund (RGF) is a £2.6 billion fund operating across England from 2011 to 2016. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment. The first three rounds will leverage over £13 billion of private sector investment and create or safeguard over 500,000 jobs.
- The additional funding was announced in the 2012 Autumn Statement as part of a range of measures to target help for businesses and rebalance the economy to drive growth.
- The Government will publish progress with contracting bidders selected from Round 3 next week. Almost all bids have signed conditional offers and are currently working through due diligence.
- The Regional Growth Fund is helping to rebalance the economy by investing in companies that can create jobs and attract substantial match-funding from the private sector. For every pound of government money, the private sector is putting in six pounds.
- Regional factsheets and case studies are also available which can be obtained by ringing the BIS press office on 0207 215 5945.
- For more information on how to apply please visit www.gov.uk/understanding-the-regional-growth-fund