Fifth round of Regional Growth Fund opens to bids

11 Oct 13
Deputy Prime Minister Nick Clegg has launched the fifth round of the Regional Growth Fund, which will distribute £300m in government grants to firms.

By Richard Johnstone | 11 October 2013

Deputy Prime Minister Nick Clegg has launched the fifth round of the Regional Growth Fund, which will distribute £300m in government grants to firms.

Funding is intended to support private sector investments that will boost economic growth in areas that are highly dependent on the public sector.
Clegg said the scheme had so far provided £2.6bn worth of support for more than 400 projects and was expected to stimulate around £14.7bn of private sector investment.

‘The economic recovery is starting to bloom – we’re seeing very encouraging signs that we are turning a crucial corner on our road to recovery. Homegrown and British-based businesses are leading that charge for a stronger economy,’ he said.

‘The Regional Growth Fund is a helping hand from the government, but I pay tribute to the people who are working hard to fuel our recovery. My message to businesses in every region is clear – if you’ve got a project that needs a boost, bid for cash from the Regional Growth Fund.’

This latest RGF round is open to private sector bidders seeking £1m or more.

Business minister Michael Fallon said he expected there would be stiff competition for funding, and confirmed that a sixth round of the RGF would be launched next summer.

A series of road shows will be held across the country to provide advice and help bidders with their applications.

Clegg was speaking at the first of these road shows in Newcastle. Further events are planned over the next month in Loughborough, Huddersfield, Plymouth, Liverpool and Birmingham.

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