Regional Growth Fund round 5 open for business
Today, the Government has announced the fifth round of the Regional Growth Fund is open to businesses across the country to bid for a share of funding.
The Leeds City Region has already secured over £100m in funding for businesses through RGF rounds one to four. This includes today’s announcement that German confectionary giant, Haribo, has unveiled its plans for a new £92m factory, which will create almost 300 jobs in Yorkshire with the support of £6.4m from RGF Round 1.
The Government has specified that Round 5 will focus entirely on private enterprise proposals that will generate significant private sector investment and create jobs. Therefore the Leeds City Region LEP will not be submitting a bid itself but will instead look to support and endorse regional businesses in their bids to Government.
RGF is a challenge fund and as bids are in competition with each other, the LEP can help businesses with advice on their application forms and provide strategic information and supporting economic data to ensure the strongest bids are submitted.
The Leeds City Region LEP has worked with businesses in previous rounds of the Regional Growth Fund, and many of the successful bids from the city region were ones that had secured LEP endorsement.
Businesses have until 9th December to submit their bids and the LEP is looking to support submissions that can enhance economic growth and create jobs in the city region. Businesses in the LEP’s key growth sectors are actively encouraged to come forward, however support to businesses outside these sectors will also be considered, providing they fit with the LEP’s strategic priority of enabling economic growth.
Round 5 is primarily for minimum bids of £1 million, however small and medium sized businesses are encouraged to submit a bid for funds that are still available from existing Regional Growth Fund programmes. These schemes will have minimum bids from as little as £5,000 in some areas, and up to £1 million in others.
Chair of the Leeds City Region LEP, Roger Marsh said:
“The Leeds City Region LEP is keen to work with businesses across the region to submit the strongest bids that will have the greatest impact on the city region economy
“The LEP is in a strong position to assist with these bids and I actively encourage those businesses wishing to submit a bid to Government to utilise the essential skills and relevant knowledge of the LEP to enhance their chances.”
More information about RGF Round 5 can be found on the Leeds City Region website here or on the Department for Business, Innovation and Skills website here.
A launch event for RGF Round 5 will take place on 25th October at the Buckley Innovation Centre, Huddersfield. Click here for more information.