The Department for Business Innovation and Skills has confirmed that bids for money in Round 5 of the Regional Growth fund totalled £650m.
The Regional Growth Fund (RGF) is a £3.2bn scheme which provides match funding for private sector growth in the UK.
The North West was the region which put in the most bids for funding in Round 5 with 24 potential projects being put forward by the region. These bids applied for a total of £81m, slightly lower than the total value for bids put forward by the North East which totalled £97.6m.
The region which put forward the least bids was London with just two suggested projects. (See more information on regional funding applications on the chart below.)
Bids will now undergo assessment by an Independent Advisory Panel, led by Lord Heseltine. This panel puts forward selected bids for approval by the Local Growth Committee which is chaired by deputy prime minister Nick Clegg.
Bids will be judged on how well they create sustainable jobs and will be assessed against the following criteria:
- project location
- sustainable private sector growth
- value for money
- State Aid compliance
Successful bids for the latest allocation of money from the RGF will be announced this spring and will then undergo a process of due diligence before receiving funding.
Regional Growth Fund Round 6 will open for bids in the summer.