Regional Growth Fund The Application Process
Round One <ul><li>Launched 28 October with the Local Growth White Paper.  </li></ul><ul><li>£1.4bn challenge Fund availabl...
Objectives <ul><li>(1) To encourage private sector enterprise by providing support for projects with significant potential...
Criteria <ul><li>Bids will be judged on how well they meet these objectives by assessment against five criteria. </li></ul...
Project Types <ul><li>Projects </li></ul><ul><li>individual projects that make a significant contribution to the objective...
The Decision Process <ul><li>Appraisal Process </li></ul><ul><li>Independent Advisory Panel consideration </li></ul><ul><l...
Due Diligence and Payment <ul><li>Due diligence will be required once an offer is made. </li></ul><ul><li>Proportionate an...
A Good Bid Will: <ul><li>meet the  objectives of the fund </li></ul><ul><li>be “ additional”  </li></ul><ul><li>offer  goo...
It’s a Challenge Fund <ul><li>All bids are in  competition  with one another. </li></ul><ul><li>Applicants should not need...
QUESTIONS?
HOT SPOT CLINIC SESSIONS <ul><li>Applications and Process </li></ul><ul><li>Private Sector Bids </li></ul><ul><li>Private/...
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  1. 1. Regional Growth Fund The Application Process
  2. 2. Round One <ul><li>Launched 28 October with the Local Growth White Paper. </li></ul><ul><li>£1.4bn challenge Fund available in England (only) </li></ul><ul><li>First bidding round closes on 21 January. </li></ul><ul><li>There will be at least two subsequent rounds. </li></ul><ul><li>Later rounds will include an expression of interest stage </li></ul>
  3. 3. Objectives <ul><li>(1) To encourage private sector enterprise by providing support for projects with significant potential for economic growth and create additional sustainable private sector employment; and </li></ul><ul><li>(2) To support in particular those areas and communities that are currently dependent on the public sector make the transition to sustainable private sector led growth and prosperity. </li></ul>
  4. 4. Criteria <ul><li>Bids will be judged on how well they meet these objectives by assessment against five criteria. </li></ul><ul><li>Project location </li></ul><ul><li>Additionality </li></ul><ul><li>Sustainable private sector growth </li></ul><ul><li>Value for Money </li></ul><ul><li>State aid </li></ul><ul><li>There are interdependencies between criteria and bids will be considered holistically. </li></ul>
  5. 5. Project Types <ul><li>Projects </li></ul><ul><li>individual projects that make a significant contribution to the objectives of the Fund </li></ul><ul><li>Project Packages </li></ul><ul><li>coherent group of small projects which collectively present a more compelling proposal. </li></ul><ul><li>Programmes </li></ul><ul><li>2 nd Round proposals will be invited for strategic investment programmes. </li></ul>
  6. 6. The Decision Process <ul><li>Appraisal Process </li></ul><ul><li>Independent Advisory Panel consideration </li></ul><ul><li>Final decision by the ministerial panel </li></ul>
  7. 7. Due Diligence and Payment <ul><li>Due diligence will be required once an offer is made. </li></ul><ul><li>Proportionate and the minimum necessary to protect the public purse. </li></ul><ul><li>Confirm the information presented is a true and fair reflection of the project and the project risks. </li></ul><ul><li>Final Offers will set out milestones and payments </li></ul><ul><li>And may include additional terms and conditions depending on the nature of the bid. </li></ul>
  8. 8. A Good Bid Will: <ul><li>meet the objectives of the fund </li></ul><ul><li>be “ additional” </li></ul><ul><li>offer good value for money . </li></ul><ul><li>be brief and evidence based . </li></ul><ul><li>realistic about the level of support needed. </li></ul><ul><li>lever private sector funding and </li></ul><ul><li>fit well with the local economy </li></ul>
  9. 9. It’s a Challenge Fund <ul><li>All bids are in competition with one another. </li></ul><ul><li>Applicants should not need third party support </li></ul><ul><li>Read the supplementary documents carefully. </li></ul><ul><li>There are no tricks! </li></ul>
  10. 10. QUESTIONS?
  11. 11. HOT SPOT CLINIC SESSIONS <ul><li>Applications and Process </li></ul><ul><li>Private Sector Bids </li></ul><ul><li>Private/Public Partnership Bids </li></ul><ul><li>Programme Bids </li></ul>

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