Sunday, 13 November 2011

LEP and other funding update

There are a few new funding sources / amouncements that are worth capturing.

Growing Places Fund

The Growing Places Fund will provide £500m to enable the development of local funds to address infrastructure constraints, promoting economic growth and the delivery of jobs and houses.  Information can be found here:

Things to note:  LEP areas have been allocated an indicative distribution, subject to successful completion of a pre qualification questionnaire due on 20th December.  Buckinghamshire LEP has an allocation. This is subject to Ministerial approval of the local enterprise partnership proposal. It would seem that the 39th LEP is imminent.


Regional Growth Fund Round Two

There were 119 sucessful bids announced http://www.bis.gov.uk/policies/economic-development/regional-growth-fund/successful-2nd-round-bids but some bids have more than one project hence over 150 projects are listed.

In addition some other sucessful bids have also been announced eg Princess Yachts and RBS, NatWest and HSBC have agreed to facilitate the distribution of the £95 million - which is part of the government’s RGF to SMEs  http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=421994&SubjectId=2

Business Growth Fund

Apply Investment Criteria

•Target companies that demonstrate a strong growth trajectory and have a turnover between £5m and £100m
•Offer investments of between £2m to £10m in return for an equity stake in the business and a seat on the Board
•As Board Members, contribute business guidance as well as capital for growth
•Invest over the long term - five to seven years or more; and
•Consider investment opportunities across all sectors apart from financial services and real estate.


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