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East Midlands Chamber News

Chamber Welcomes Fresh Regional Growth Fund Cashpot

Deputy Prime Minister Nick Clegg hopes RGF round five will help businesses take off (CC BY 2.0 DCMS).Deputy Prime Minister Nick Clegg today announced that the bidding process for the fifth round of the Regional Growth Fund (RGF) will open in October

Round five will focus entirely on private enterprise proposals with high quality projects that can generate significant private sector investment and create sustainable jobs.

George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: “The Chamber welcomes this latest allocation of RGF money and looks forward to seeing further details of how local businesses can benefit when the bidding round opens in October.

“Over the previous four rounds of the RGF, the East Midlands has secured £160m for 27 projects which have the potential to create 41,000 new jobs, so we have done quite well as a region so far.

“The crucial difference between this round and previous ones is that funding from round five will be geared towards private sector enterprise rather than the mixed public/private sector schemes the previous rounds have supported.

“This means the funding will directly support businesses which put forward viable bids which will lead to further investment and employment in the private sector.

“It is also important to stress that there is still money from the previous rounds of RGF to be distributed by the organisations which won it – local companies need to claim that money.

"Only by proving that, as a region, we have distributed the money effectively can we hope to convince Government that a greater share should come to the East Midlands.”