Millions of pounds of government funding is currently available for eligible SMEs to:
- invest and strengthen their business;
- create or protect jobs;
- build on creativity.
The funding is available in the form of grants or loans through programmes run by the Regional Growth Fund (RGF).
What is the RGF?
The RGF is a £2.6 billion fund operating across England from 2011 to 2016. The first 3 rounds have already allocated £2.4 billion to projects and programmes that are using private sector investment to create economic growth and sustainable employment.
What are RGF programmes?
RGF programmes are schemes run by national or local organisations which have been awarded RGF cash to offer grants and/loans to businesses.
Over 1,600 SMEs across England have been allocated an aggregate of over £800 million through RGF programmes.
What are the criteria?
Not every business will be eligible for RGF grants and/or loans. Each RGF programme will have specific criteria; however some general terms are, for example:
- to be based in England;
- to work in a specific sector;
- to want to strengthen, consolidate or grow their business;
- to be creating or consolidating jobs;
- to be investing private capital;
- to be unable to find funding elsewhere;
- to be State Aid compliant.
Applications
RGF programmes are mainly run by public/private partnerships, such as local authorities, universities or colleges, working in partnership with a local newspaper or local enterprise partnerships. They may also be run by private sector intermediaries such as banks.
To apply for RGF programmes you need to apply directly to the specific programme to see if you qualify.
For further information about the RGF programmes, alternative methods of funding or legal advice on business investments in general, please do not hesitate to get in touch with one of our business solicitors.