Partner Article

RGF3 offers big opportunities for North East businesses

The third round of Regional Growth Funding will offer businesses in the region an opportunity to grow and create jobs - as long as they follow the correct application criteria.

PwC have supported a number of organisations through the first two rounds, either by assisting firms with their application, or performing due diligence services on the application organisations.

Mark Webster, partner at PwC in the North East said, “The RGF is a key part of delivering growth to the region, and should be considered by all organisations who are planning significant capital expenditure and development projects.

“The application process requires significant thought up front, as we have seen a number of applications that have required re-work between the application being accepted and the due diligence process”.

From their experience, the firm believes that there are a number of key areas which must be considered prior to application. This includes an understanding of the bidding criteria, and the fact that the minimum bid threshold of £1 million still applies, although joint bids are possible.

Businesses should also ensure that their plans are strong, credible and robust, demonstrating how they will facilitate job creation or safeguarding.

Kevin Barnard, director at PwC in the North East added; “Our significant knowledge and expertise throughout the firm allows us to source the right specialists to offer a tailored package to the applicant organisations, whether it is advising on putting together a RGF bid or performing the required due diligence.

“From our experience of recent projects, early consultation with advisors is crucial to help compile a robust and credible bid which is compliant with all appropriate regulations.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .