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REGIONAL GROWTH FUND
Round 6 Bids announced
176 bids were submitted with a total ask of £817 million. Round 6 winners included JLR in the West Midlands which is among 12 West Midlands firms to share in £54.9 million in this region.
In total £297 million has been awarded across the UK with 63 regional projects being successful - again around 70% of bids failed to be approved - and bringing the total grants awarded to date under RGF to £2.85bn.
A new round 7 is likely to be announced soon since the scheme has been extended by EU to 2020.
Click here for full details.
RGF Round 6 - Bidding closed 30th Sept - did YOU oversleep!'
176 bids seeking £817 Million
Round 6 of the Regional Growth Fund opened on 19th June 2014. with £200 million of RGF support on offer to private companies.
Bidders have oversubscribed by more than 4 times the amount on offer, meaning that 75-80% of the applications will be rejected, demonstrating yet again, as in previous RGF rounds how essential it is for a case for grant aid under RGF to be well made.
Those bids that are selected for support will have until March 2017 to draw down the RGF funding which is payable in instalments, usually in proportion to the project cash outflow and jobs created and/or safeguarded, so projects put forward must be capable of completion by this date.
All other criteria of the RGF scheme must be satisfied, and locations of the projects must also qualify under the new Regional State Aid Map which came into operation from 1st July 2014.
Round 6 was focused exclusively on the private sector with the usual minimum bid threshold set at £1 million in grant aid - this could equate to approximately 10% of the capital costs of an investment project under the new state aid rules effective 1st July 2014.
Click here for full details.
Get Help Now for Round 7
DON'T OVERSLEEP AGAIN!
we expect a further round of RGF to be announced soon.
Expert help is clearly needed to make a successful bid - call GRA - we are ready to help.
Contact GRA today !
Background and History of Previous Rounds of RGF
Round 5 Bids announced
133 bids were submitted with a total ask of £650 million.
Click here for full details.
RGF Round 5 is CLOSED
In the latest spending round the Treasury announced in June 2013, that a further £600 million funding was made available for the Regional Growth Fund (RGF) across 2015-16 and 2016-17 to support projects and programmes to create economic growth and sustain private sector employment.
BIS and Treasury Ministers are considering the scope and timings for opening Round 5. £300M has been made available with the focus this time on Companies who wish to invest with the support of £1M or more in RGF grant aid - subject to all conditions of the RGF scheme, and who qualify under State Aid Rules, and successfully demonstrating a clear and winning case for RGF grant aid.
Bidding closed at noon on 9th December so the ideal time to get ready to finally submit a successful bid is NOW - so call or email GRA today.
There was again a high number of rejected bids of 80% of all applicants. RGF 4 Closed 20th March 2013 and 60 Winners were announced on 11th July - once more demonstrating a high failure rate out of the total of 221 short listed applicants despite extra funding of £156M being added to the original £350M pot available.
It seemed that the 4th Round of Regional Growth Fund which was declared as open for bids by Nick Clegg on 17th January would be the LAST Chance for RGF. The £350 million fund was announced in the Autumn Statement by Chancellor, George Osborne, and closed for bids on March 20th at noon. There was also to be some further monies available under the AMSCI scheme which was allocated £120M for two further rounds in 2013. The detail of this is similar to RGF rules but intended for Supply Chain companies specifically with some additional related criteria to make a winning case for these funds. Details are available by specific request on this.
Round 3 allocations were announced on 19th October 2012 with 87 project winners receiving grants from the total £1.0B awarded reduced from the original 414 applications received, seeking a total of £2.76 billion. 278 bids had been short-listed with a combined value of just over £2.1billion. The failure rate of 4 out of 5 is line with the results from Round 1 and 2, and underlines the need for a professional approach to ensure success for would be RGF bidders. It is important to remember that all criteria MUST be met including Sate Aid rules compliance, and a rigorous due diligence is undertaken before confirmation of all offers made by BIS in principle. GRA is well versed in all aspects of assisting clients to a winning solution. Please fell free to contact us for an initial no obligation chat..
Round 4 applications have now been summarised by BIS with a total of 221 project bids, and 88 programme bids seeking £1.88M against an allocation for this round of £350K - an 80% failure to win funding is thus indicated. Again it demonstrates the imperative of making an outstanding application within the scope of a professionally produced and advised documentation.
If you were previously a loser, or now have a potential project for RGF funding and want to succeed in a final last chance, you should take the gamble out of the process with our professional support to make a winning bid (we don't take on cases unless we believe they are winnable in our hands)
- then please contact GRA.
Round 3: £1Bn additional RGF
BIDS CLOSED 13th June 2012
ROUND 2 RESULTS
Nick Clegg, Deputy Prime Minister announced a third bidding round for the additional £1.0Bn Regional Growth Fund in the 2011 Autumn Statement.
AUGUST 15th 2012 UPDATE:
BIS Announced as follows:
Under Round 3, 414 applications have been received, seeking funding to the total of £2.76 billion. Ministers will seek to allocate the full £1 billion, although further rounds may be considered.
We received applications for both projects and programmes (please see the Glossary for definitions) and the split between them is as follows:
Projects: 284 applications
Programmes: 130 applications
This number of applications is substantial, asking for two and a half times the money that we have available, with a good mix of applications from right across the country.
The initial stage of the appraisal process has now been completed. 278 bids have been short-listed with a combined value of over £2.1billion. The breakdown between projects and programmes is as follows:
Projects: 198 applications
Programmes: 80 applications
Not all short-listed projects and programmes will be funded.
134 projects have been unsuccessful at this stage in the process. Following recommendations from the Independent Advisory Panel, Ministers agreed that these bids did not demonstrate their ability to deliver RGF objectives as strongly as others.
An announcement of the successful bids will be made in the autumn 2012.
The second round of bidding for the remaining £940M on offer from the Regional Growth
Fund received a total of 492 bids requesting an aggregated amount of £3.3 Billion. The North West of England was the highest of all the regions with 140 bids, accounting for 28 per cent of all the bids received. Overall 330 of the total number of bids received are bidding for between £1 million and £5 million, and the pattern is not too different from Round 1, where 50 successful bidders from the first round shared £450m if passing the final hurdle of due diligence.
Bids have now been evaluated and 119 winning bids have been announced details on the BIS web site here.
With a good in depth experience of how to make a winning RGF application and proven success for clients in Round 2, GRA can help you to be a winner in a Final 4th and last bidding round.
SUMMARY of Second Round
bids published by BIS
The Regional Growth
Fund first bidding
round of applications, which closed on 21st January, was
oversubscribed with 464
bids totalling £2.78 Billion. Interestingly Round 2 seems to be not so different at 492 bids totalling £3.3 Billion although there were many more Public sectors bids as well as programme bids.
Round 1 RGF
Lord Heseltine is
chair of the panel that allocates the RGF grants of one
Million and more from the £3.2bn
fund aimed at boosting regional economies.
The Regional Growth
Fund supports projects in England offering economic growth,
including the creation of jobs, especially in areas heavily reliant
on public-sector employment.
a Tory former deputy prime minister, said: "This
exciting project ... builds on the experiences I've had in helping
people in deprived areas to help themselves and their communities
achieve aspirations that, without schemes of this sort, might be