Regional Growth Funds are drawing to a close
- REGIONAL GROWTH FUNDS ARE DRAWING TO A CLOSE -
The Regional Growth Fund, which has provided extensive funding to many of our clients, is ending this year. For example, the final published application deadline for funds in the South West this year, is June 2016. Given that grant funding applications are complex and time consuming, if you wish to apply to the Regional Growth Fund, we recommend action as soon as possible. Projects awarded funding must spend the money by March 2017.
These funds are still fantastic opportunities, plenty of money remains within the UBI and South West Growth Fund alone – over £5million – which funding bodies still need to allocate. If you have any projects that involve Capital Expenditure, R&D or Training Costs, then now is the time to act.
Following the 2015 Spending Review, no future rounds of the RGF are expected. We are experienced in this type of application and can give you a strong indication of how likely you are to receive funding from an initial phone call. Companies and programmes awarded grants through rounds 1 to 6 will continue to receive their funding.
The Regional Growth Fund (RGF) has supported eligible projects and programmes raising private sector investment to create economic growth and lasting employment. Since its launch in 2010 it has invested £2.7 billion to help local businesses grow and take on more staff across England.
On average for every £1 invested through the RGF, the private sector has put in £5.50 with the total investment of private sector support expected to be £16 billion. 149,000 jobs have already been created and a total of 581,000 are expected by the mid-2020s.
Businesses across all industrial sectors benefit from the funding with over £1.1 billion invested in manufacturing including:
- £364 million in the automotive industry
- £100 million in aerospace
- £104 million for low carbon enterprises
FUNDING STILL AVAILABLE:
RGF money is available through RGF programmes. RGF programmes are run by national or local organisations offering grants and/or loans to eligible businesses. If you run a business and are looking for funding of less than £1 million, you may be able to apply to an RGF programme.
OPPORTUNITIES IN THE SOUTH WEST:
Key Driver: The majority of these funds will be used to support capital investment.
THE SOUTH WEST GROWTH FUND (SWGF) – All of the South West.
Funding Body: Central Government
Funding Amount: £15,000 - £999,000
UNLOCKING BUSINESS INVESTMENT (UBI) - Devon & Somerset, and Plymouth & Torbay.
Funding Body: Central Government
Funding Amount: £25,000 - £499,000
Grants will be focused on capital items such as plant, machinery and premises, but IT and software, research and development, training and site rental costs may also be considered.
All growing SME businesses in the HotSW LEP area can apply. Priority is likely to be given if you can show value for money by providing funding from other sources. On average businesses will need to provide around £65 to every £35 granted.
Projects must be completed by 31st March 2017 with jobs created by March 2019.
If you think you could benefit from this funding, or would like to know more about other funds you might be eligible for, please do not hesitate to contact us, on: