Businesses invited to bid for share of £300m Regional Growth Fund

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Small to medium-sized enterprises (SMEs) from all over the country are being invited for a share of £300 million as part of the latest round of the government’s Regional Growth Fund.

The deputy prime minister Nick Clegg has announced that round five of the initiative will be open from today (October 11th) to businesses bidding for £1 million or more.

However, firms which wish to apply for smaller amounts can also do so through local and national programmes – with as little as £5,000 being made available.

Over 400 programmes and projects have been supported so far, thanks to the previous four rounds of funding, which have so far backed SMEs and other businesses to the tune of £2.6 billion.

More than 3,000 SMEs have benefited from the funding so far.

It is hoped that the cash will stimulate private sector investment, while also helping to safeguard as well as create hundreds of thousands of jobs over the coming years.

Mr Clegg said: “The Regional Growth Fund is a helping hand from the government, but I pay tribute to the people who are working hard to fuel our recovery.”

He also reserved special praise for “home grown and British-based business” for the role they have played in getting the country’s economy back on track.

Following the launch event in Newcastle, a roadshow will travel around the country to help bidders complete applications or express their interest in taking part in the initiative.

The events will also offer visitors advice on how they can successfully bid for a share of the money and will take place in Loughborough, Huddersfield, Plymouth and Liverpool between now and November 13th.

Business minister Michael Fallon said he expects there to be “stiff competition” throughout the bidding process and urged companies to “take time” over their application.

Firms have until December 9th to submit their bids.

Posted by the Secret Businessman