Growth fund support hits new high

The number of small and medium-sized enterprises (SMEs) supported through the government’s Regional Growth Fund (RGF) has trebled over the past year, new figures show.

According to an annual monitoring report published on 22 July, 5,100 businesses received RGF support in the year 2013 to 2014 while the number of direct jobs created or safeguarded through RGF more than doubled in a year to 69,000.

RGF payments in 2013 to 2014 totalled £565 million, compared to £161 million in the previous financial year.

Business Secretary Vince Cable said: “The Regional Growth Fund is now in full swing. Over the last year alone it has more than doubled in size.

“The fund is securing the jobs it set out to – 69,000 direct jobs at the end of the last financial year and every one of them outside London.”

Round 6 of the RGF is currently open to private sector bidders seeking £1 million or more for high quality projects that will generate significant private sector investment and sustainable jobs. Businesses need to submit their bids by noon on 30 September 2014.

Link: RGF application forms and guidance