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Regional Growth Fund - Round 4

18 January 2013

Yorkshire businesses have received £264m from the first three rounds of the Regional Growth Fund (RGF).  With a much reduced budget in Round 4, Deloitte has warned that Yorkshire businesses face tough competition to secure RGF cash.

While the region is likely to benefit from some of the criteria used to allocate funds across the UK, greater awareness of RGF, combined with a tight timescale for applications, means that businesses in Yorkshire will need to submit a strong and well thought through case to BIS.

David Frith, corporate finance partner at Deloitte in Yorkshire said:  “BIS’ latest round of RGF funding can support the investment plans of private sector companies and/or public-private partnerships.  This is a significant opportunity for local businesses to access this major cash grant scheme butYorkshire businesses face tough competition for Regional Growth Fund financing.”

“The region has been a clear winner from the three previous rounds but there is less money available in Round 4 at £350m and greater competition for funds as demand for grant funding increases and businesses that missed out in early rounds reconsider and revisit their case for grant.

“Potential applicants will need to be quick of the mark to meet the March 20th deadline, and make a strong and well thought through case to BIS, which meets the criteria for grant and represents value for money in respect of job creation.

“While there is a £1m de-minimus limit for direct bids to RGF, other routes are available to businesses looking for finance through programme bids, delivered through LEPs, trade bodies and various financial institutions.”  

“Deloitte has supported a wide range of applicants in the previous three rounds and been actively involved in the due diligence for successful applicants, prior to grant drawdown.  This combined knowledge allows us to help applicants present a strong case for grant.”

Ends

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About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

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