Round 6 of Regional Growth Fund is now open

Businesses in Plymouth could follow in the footsteps of key city companies such as Fine Tubes and Becton Dickinson and get financial support from the Government as part of a wider scheme to encourage enterprise and job creation.

The latest round of the Government’s Regional Growth Fund is now open and as with previous rounds, is aimed at capital investments, training, research and development proposals that create and safeguard private sector employment.

The fund has been set up to help rebalance the economy in areas which have traditionally depended on the public sector.

Bids must be at least £1 million and need match-funding.

In previous rounds, the ratio has been about one of RGF to 5.5 private funding. Projects must be able to spend by end of March 2017 and should be ‘shovel ready’.

The fund is competitive and applications will be assessed on the following criteria. The project should:

Create additional sustainable private sector growth in an area with high public sector employment
Additionality - support will only be given to projects that would not otherwise go ahead. The proposal has to show why funds are needed and the economic consequences if the funding was not approved – this is not about helping one company grow at the expense of another UK company but ensuring jobs are safeguarded or created here.
Be State Aid compliant
Value for money

A series of roadshow events is being set up for potential bidders to express an interest and learn more. There will be a briefing in Plymouth on 31 July at Plymouth University. To register email growthfund@bis.gsi.gov.uk.

All bidders are encouraged to attend a 30-minute Expression of Interest session with BIS to discuss their prospective bids.

These take place after the road show or on 14 August in Cobourg House, Mayflower Street. Places are limited and need to be booked through growthfund@bis.gsi.gov.uk

The closing date for applications is midday on Tuesday 30 September.

The Council is happy to help potential bidders by providing statistical information and lobbying local bodies. Email Julia.blaschke@plymouth.gov.uk.

As in previous rounds, the Local Enterprise Partnerships have played a key role in endorsing applications from across their areas. The Heart of the South West Local Enterprise Partnership (HotSW LEP) is the local LEP and applicants should make it aware of their intention to bid.

For more information visit www.heartoftheswlep.co.uk