Regional growth fund opens for £1 billion third round

A total pot of £1 billion is available in round three of the Regional Growth Fund with the Marches Local Enterprise Partnership keen to endorse ready-to-deliver projects which will create sustainable growth and employment.

Dr Geoffrey Davies OBE, chairman of the Marches LEP, said: “We are looking to back schemes across Herefordshire, Shropshire and Telford & Wrekin which bring economic vitality to the region and also create jobs. Successful bids will be those which are for projects ready to roll out, can show great private sector finance and provide value for money.”

The RGF, designed to promote private sector enterprise, growth and jobs, is particularly aimed at supporting schemes within areas which are dependent on the public sector.

Dr Davies added: “The fund is also available to SMEs if the individual bid is for over £1m, or they can work with other organisations to collaborate as part of a wider programme bid.”

The Regional Growth Fund is 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.

In the first two rounds, allocations were made to 176 bidders which will leverage over £7.5bn of private sector leverage and deliver around 330,000 jobs.

The Marches won £1.5 million in the last round of RGF funding, which boosted a £5.1 million project to bring redundant buildings back into productive economic use. The Redundant Buildings Grant Scheme, estimated to create around 300 jobs between now and 2014, is being launched later this month .

Businesses do not need to complete any additional documentation to request LEP endorsement, with only the same information as required on the RGF application form needed.

Any businesses seeking endorsement for round three from the Marches LEP should send details of the project to the LEP by April 23 by emailing enquiries@marcheslep.org.uk