Regional Growth Fund consultation

The Government’s Regional Growth Fund to provide support for projects that offer potential for sustainable economic growth and new private sector employment was launched on 30th June.
The Fund, which will operate over two years (2011/12 and 2012/13), will particularly help areas and communities currently dependent on the public sector to make the transition to private sector-led growth and prosperity.
To help the design of the Fund in such a way that will best meet the needs of local areas and communities, the Government has published a consultation seeking the views of interested parties.
The consultation proposes that a proportion of the Fund will be allocated on a transparent bidding basis. Proposals will be required to demonstrate how they will create new private sector jobs and how areas vulnerable to public sector cuts will benefit. They will also need to prove that the proposal has financial backing from the private sector and that it fits with the economic priorities of the area as a whole.
Deadline for responses: 6th September 2010.