Regional Growth Fund/Growing Places Fund
In 2012 the CIOS LEP were successful in securing an award of £13m of Regional Growth Funds (RGF) and £5.9m under the Growing Places Fund (GPF).
RGF comprised revenue and capital grants for businesses and infrastructure whereas GPF created a revolving fund of loan investments to businesses. Both funds were launched in May 2012 with the appointment of Cornwall Development Company as the fund managers. Both funding streams have been fully committed.
The RGF and GPF funds have so far delivered:
- Created or safeguarded 6,759 jobs
- Supported 128 businesses
- For every £1 of RGF & GPF levered £4.84 of other funds totaling £91.4million
- Built and facilitated 41,874sqm of workspace
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Regional Growth Fund
The Department of Business Innovation and Skills awarded £13m of RGF under round 2. The RGF award had two distinct strands of investment, each with its own objectives:
Strand 1 invested £5.3m of revenue & capital grants to businesses to support growth and investment to grasp market opportunities including those provided by the new Superfast Broadband and infrastructure under the Convergence Programme. In addition grants were targeted at business productivity that would accelerate growth and the creation of jobs.
Strand 2 invested £7.7m to provide grant support for the construction of essential infrastructure, with the aim of facilitating the development of the most important growth areas.
Growing Places Fund
In 2012 the Department for Communities and Local Government granted the CIOS LEP £5.9m in the form of a revolving loan fund with the following delivery principles:
- To create an “evergreen” fund that is revolving and self financing by absorbing its own costs of management in the future
- To support targeted growth in localities and get developments moving
- To create economic activity by removing barriers to investment
- To facilitate job creation and housing development
- To think creatively about potential investment solutions