Regional Growth Fund
This note examines the Regional Growth Fund, which is worth over £3.2 billion over the five years from 2011-12 to 2016-17. It is intended to promote the private sector in areas in England most at risk to public sector cuts.
The Regional Growth Fund (RGF) was created in June 2010 with the intention of promoting the private sector in areas in England most at risk to public sector cuts by providing financial support for private enterprises to leverage additional funding and create sustainable jobs. The RGF is expected to be worth over £3.2 billion over the period 2011-12 to 2016-17.
To date there have been six funding rounds. £2.9 billion was awarded in rounds 1 - 4; £450 million in the first round, £950 million in the second, £1.05 billion in the third and £506 million in the fourth.
While rounds 1 - 4 were open to both private and public sector organisations, rounds 5 and 6 were only open to the private sector. £306 million was allocated in round 5 and £297 million in round 6. Successful bidders from round 6 were announced in February 2015; no further funding rounds have been held since. Successful bidders from rounds 5 and 6 have until March 2017 to draw down their allocated funding.
In October 2016, it was confirmed that no future rounds of the Regional Growth Fund were planned.