News: LEP set to bid for "top up" from Regional Growth Fund
James Newman, chairman of the Sheffield City Region Local Enterprise Partnership (LEP), has welcomed the fourth round of the government's Regional Growth Fund (RGF) and admitted that they would bid for more cash to support local businesses.
The RGF is the government's main source of funding for economic development and regeneration. Over 400 applications were competing for a share of £1 billion in the third round of the fund. The fourth round is worth around £350m in total.
The aims of the fund remain the same: creating jobs, encouraging private investment and supporting areas dependent on the public sector.
James Newman, chairman of the Sheffield City Region LEP, said: "I welcome news that the Government has opened a fourth round of the Regional Growth Fund, which I hope help release the huge untapped potential in the Sheffield City Region.
"In October last year, we secured £25m of RGF money for our ambitious programme "Unlocking Business Investment." We are making great progress in delivering this programme – working with the 27 businesses named in our original bid and issuing a call for new projects.
"We have received an unprecedented level of interest in our programme and it is clear that our existing £25m programme is going to be a huge success. This is why it is likely that we will be asking Government to "top up" our existing programme to accommodate this level of demand.
"I encourage businesses with projects to make an application to the existing programme via our website and consider whether, for larger projects worth more than £2m, a direct bid to the to the national programme would be appropriate."
The University of Sheffield's Nuclear Advanced Manufacturing Research Centre (Nuclear AMRC) based on the Advanced Manufacturing Park (AMP) in Rotherham secured £37.1m from the fund in addition to £9.2m The AMRC secured to support its world-class £20.5m advanced manufacturing training centre currently under construction on the AMP.
Rotherham-based companies, AESSEAL and Redirack also both secured funding to support their growth plans.
Round 4 of the Regional Growth Fund will close to applications on March 20 at noon and bids will be appraised as quickly as possible.
Sheffield City Region LEP website
The RGF is the government's main source of funding for economic development and regeneration. Over 400 applications were competing for a share of £1 billion in the third round of the fund. The fourth round is worth around £350m in total.
The aims of the fund remain the same: creating jobs, encouraging private investment and supporting areas dependent on the public sector.
James Newman, chairman of the Sheffield City Region LEP, said: "I welcome news that the Government has opened a fourth round of the Regional Growth Fund, which I hope help release the huge untapped potential in the Sheffield City Region.
"In October last year, we secured £25m of RGF money for our ambitious programme "Unlocking Business Investment." We are making great progress in delivering this programme – working with the 27 businesses named in our original bid and issuing a call for new projects.
"We have received an unprecedented level of interest in our programme and it is clear that our existing £25m programme is going to be a huge success. This is why it is likely that we will be asking Government to "top up" our existing programme to accommodate this level of demand.
"I encourage businesses with projects to make an application to the existing programme via our website and consider whether, for larger projects worth more than £2m, a direct bid to the to the national programme would be appropriate."
The University of Sheffield's Nuclear Advanced Manufacturing Research Centre (Nuclear AMRC) based on the Advanced Manufacturing Park (AMP) in Rotherham secured £37.1m from the fund in addition to £9.2m The AMRC secured to support its world-class £20.5m advanced manufacturing training centre currently under construction on the AMP.
Rotherham-based companies, AESSEAL and Redirack also both secured funding to support their growth plans.
Round 4 of the Regional Growth Fund will close to applications on March 20 at noon and bids will be appraised as quickly as possible.
Sheffield City Region LEP website
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