Member Article

Championing Regional Growth

The Regional Growth Fund (RGF) is the Government’s investment programme designed to drive business growth .Tyne and Wear Development Company has been championing the region’s case by helping several companies secure investment.

Since Vince Cable announced the creation of the RGF in 2010, Tyne and Wear Development Company has worked closely with a raft of companies on successful applications. The region’s leading business development company has helped businesses including Vantec Europe and Shasun Pharma Solutions with winning bids from the first two rounds of funding.

The £2.4bn fund is operating across England through to 2015 supporting projects that lever private sector investment to create jobs and economic growth. It aims particularly to help areas currently dependent on the public sector transition to private sector growth. To qualify, the minimum grant requested by companies must be above £1m.

Paul Buie, manager of Tyne and Wear Development Company, explains: “The Regional Growth Fund is an important resource for driving economic growth and should be considered by firms with projects that require significant capital expenditure and development costs. It’s been fantastic to see local firms we’ve supported secure the backing needed for their ambitious growth plans.

“Our role is to act as a conduit to help them secure this funding by providing whatever advice we can to help them put forward a compelling case. The earlier we can get involved in the process the better. We have a wealth of experience to bring to the task having worked with thousands of growing businesses over the last 25 years.”

Tyne and Wear Development Company’s role in the first instance is to advise companies on their eligibility to meet the funding criteria laid out by the Government and make sure that they understand this.

The agency will then help eligible businesses to assemble the necessary supporting information to make the best case possible by demonstrating how the project creates or safeguards jobs. .

In the case of automotive logistics firm Vantec, this helped to attract backing of £2.2m from the RGF to support its own investment of £22.5m and the creation of around 230 jobs.

Paul Buie adds: “We’ve had significant success so far and will continue to use this knowledge and expertise to help local businesses put together tailored bids.

“The criteria have changed a little for the latest round of funding. Package bids were possible in the first two rounds as many SME projects fall below the minimum qualifying grant threshold of £1m.

Collaborative bids will need to form part of a programme under the rules for round 3 but we’re here to advise businesses accordingly and help them make the best possible case. The earlier companies seek advice the more chance they have of success.“

This was posted in Bdaily's Members' News section by Paul Buie .