Regional Growth Fund bid submitted by LEP

19th July, 2012
The Heart of the South West (HotSW) Local Enterprise Partnership (LEP) has submitted a bid worth ?15m to the government?s Regional Growth Fund (RGF).

Run by the Department for Business, Innovation and Skills (BIS), the Regional Growth Fund is a ?2.4 billion fund operating across England between 2011-2015.

HotSW submitted a ?15m bid entitled Sites and Premises to the RGF?s third round of bidding, which closed in June this year.  If successful, the funding would be used to offer either a grant or loan to potential projects that could help to grow businesses and deliver local jobs and investment.

The RGF was established to support projects and programmes that lever private sector investment to create economic growth and sustainable employment.  It was also set up with the aim of helping areas and communities that are dependent on the public sector to make the transition to sustainable private sector-led growth and prosperity.

Tim Jones, Chairman for Heart of the South West said: ?We have strong hopes that this bid will be successful as it will allow us to grow and create employment in the Heart of the South West area.  We must unlock private investment and to do this we need to have something to offer that will support both local projects and attract inward investment.

?There is fierce competition both from the North West and the Midlands, but we are confident in the strength of our bid and the support we have received from our partners and business organisations.

??15 million would provide a huge boost to the local economy, and would allow us to really make a difference to economic development, creating jobs and providing growth in the localities which need it most.?

HotSW have also endorsed many stand alone bids from organisations within the area for the RGF.

Over 400 bids have been received under Round 3, which are currently being assessed by a panel led by Lord Heseltine.  Recommendations from the panel will be submitted to a Ministerial Group led by the Deputy Prime Minister, Nick Clegg.

Successful bids will be announced in autumn 2012.