ALMOST 500 bids were submitted to the second round of the Regional Growth Fund (RGF) according to data published by the Department for Business Innovation and Skills.
Around £950 million of funding is available in the second, and potentially final, round of bids to the fund which was set up following the abolition of the regional development agencies with a goal to allocate £1.4 billion to private sector-led job creation projects in the regions.
With bids totalling £3.3 billion there is clearly going to be many disappointed applicants, though hopes remain high that the North-east can repeat its success from the first round where the region secured 14 of the 50 successful bids.
The North East Chamber of Commerce supported six bids to round two from businesses and organisations in its area including the Let’s Grow project backed by the Gazette and led by our sister paper the Journal in Newcastle.
They are also backing:
One River for the offshore wind and renewable industries centred on the River Tyne.
Business Growth and Job Creation in the North East of England Fund.
Low Carbon Transport & Sustainable Manufacturing North East.
Business Loan Fund to finance issues for growing North East businesses.