FOCUS 33
FUNDING THE FUTURE
The UK Government’s Regional Growth Fund (RGF) and Advance Propulsion Centre (APC) aims to support private-sector projects with the potential to stimulate growth and generate employment.
by NICK TAYLOR K
PMG has helped several major UK automotive brands benefi t from such schemes and supported them through the intensive process of applying and undertaking the necessary due diligence. Over the past few years, billions of pounds have been made available to support innovation, green technology
and other specifi c projects within the UK and Europe. This funding is an attractive option for automotive and other companies that need to invest in R&D and capital spending in order to stay ahead of the game.
The £3.2 billion Regional Growth Fund (RGF) for example, was set up in May 2010 to help fund private sector projects with the potential to either create or sustain jobs within the UK. Grants of at least £1 million per project were made available for investment in qualifying projects (e.g. R&D or training), on the condition that the grant is at least matched by private funding (depending on the nature of the project)1
. The Government has just completed its
assessment of RGF Round 4 applications, with 102 bids selected to receive a total of £506 million of funding. Following the government’s June 2013 Spending Round a further £600 million has been allocated to the RGF. Ministers are currently considering the scope and timings of Round 5 of the RGF and will make announcements in autumn 2013.
1 Source:
www.gov.uk/understanding-the-regional-growth-fund#what-it-is © 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved.
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