Regional Growth Fund

The Application Process

Round One

• Launched 28 October with the Local Growth White Paper.

• £1.4bn challenge Fund available in England (only)

• First bidding round closes on 21 January.• There will be at least two subsequent rounds.• Later rounds will include an expression of interest

stage

Objectives

(1) To encourage private sector enterprise by providing support for projects with significant potential for economic growth and create additional sustainable private sector employment; and

(2) To support in particular those areas and communities that are currently dependent on the public sector make the transition to sustainable private sector led growth and prosperity.

CriteriaBids will be judged on how well they meet these objectives by assessment against five criteria.

Project location

Additionality

Sustainable private sector growth

Value for Money

State aid

There are interdependencies between criteria and bids will be considered holistically.

Project Types

• Projects

individual projects that make a significant contribution to the objectives of the Fund

• Project Packages

coherent group of small projects which collectively present a more compelling proposal.

• Programmes

2nd Round proposals will be invited for strategic investment programmes.

The Decision Process

• Appraisal Process

• Independent Advisory Panel consideration

• Final decision by the ministerial panel

Due Diligence and Payment

• Due diligence will be required once an offer is made.

• Proportionate and the minimum necessary to protect the public purse.

• Confirm the information presented is a true and fair reflection of the project and the project risks.

• Final Offers will set out milestones and payments • And may include additional terms and conditions

depending on the nature of the bid.

A Good Bid Will:

• meet the objectives of the fund• be “additional” • offer good value for money.• be brief and evidence based. • realistic about the level of support needed.• lever private sector funding and • fit well with the local economy

It’s a Challenge Fund

• All bids are in competition with one another.

• Applicants should not need third party support

• Read the supplementary documents carefully.

• There are no tricks!

QUESTIONS?

HOT SPOT CLINIC SESSIONS

• Applications and Process

• Private Sector Bids

• Private/Public Partnership Bids

• Programme Bids