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. These programmes are now closed and we have moved into a 3 year monitoring period. (Updated: 11 May 2017)
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
Download our report below
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
Cornwall Development Company (CDC) is the economic development service of Cornwall Council (CC) and is part of the Corserv Group Ltd of companies.
CDC, on behalf of the CIoS LEP, manage the delivery of the RGF and GPF programme. CDC appointed Ash Futures Ltd in January 2019 to undertake a whole programme evaluation of the Regional Growth Fund (RGF) investment programme and the Growing Places Fund (GPF). The evaluation also included a review of the two Enterprise Zones in Cornwall, Aerohub+ and Marine Hub.
The brief required the following activities to be completed;
- Assess the approach to investment in terms of strategy, governance, delivery mechanisms and value for money of both RGF and GPF.
- Assess the reach and economic impact of the fund both current and the likely longevity of impacts arising from the RGF investment.
- Compare the impacts achieved in Cornwall with those elsewhere in the country.
- Identify some case studies to demonstrate the impact from the RGF strands and types of investment and one of the loans made by GPF.
- Review the economic impact of the Enterprise Zones since their inception and the process to collect/report data.
The draft report and initial findings were presented to the LEP Investment and Oversight Panel in March 2019. The report was finalised in May 2019 and endorsed by the LEP Investment and Oversight Panel in June who agreed to refer to the LEP Audit and Assurance Committee. You can download the final report below.