Private companies across the South Coast are being invited by the government to make bids for the latest round of funding through its Regional Growth Fund (RGF).
The RGF is a £2.6bn government fund to support private sector-led projects across England designed to stimulate economic growth and jobs.
Potential applicants need to be quick off the mark – the deadline is noon on Wednesday, March 20.
The fund has already allocated £2.4bn in previous funding rounds, for example for innovative R&D projects in the medical, engineering and automotive industries, including to car maker Bentley Motors. The current round of funding will allocate a further £350m.
There are also a number of approved RGF programmes aimed at small and medium-sized enterprises seeking smaller amounts of funding.
Smith & Williamson, the accountancy and investment management group with its South Coast office in Southampton, is one of a number of major accountancy firms helping the government to promote the scheme.
The RGF is open to bids from private sector organisations, applying individually or in partnership with other private or public sector organizations (universities and charities are considered private sector for these purposes).
The minimum bid threshold is £1m and funding must be drawn down by March 2015.
Projects must be based in England, but a bidding company may be based elsewhere. Applicants who have been successful or unsuccessful in previous bidding rounds are still eligible to bid.
Successful bids will need to demonstrate that they would:
- create additional sustainable private sector growth
- rebalance the economy in those areas currently dependent on the public sector
- not otherwise go ahead without support from the RGF
- offer value for money
- be State Aid compliant.
