The Regional Growth Fund (RGF) is an initiative which was set up by the government through which it supports eligible projects and programmes with the sole aim in the raising and realisation of private sector investment so as to create economic growth and lasting employment. Since its launch back in 2010, The Regional Growth Fund has invested some £2.85 billion to help local businesses across the depth and breadth of England helping them grow and take on more staff.
For every £1 invested through The Regional Growth Fund, the private sector has put in £5.50. The total investment of private sector support is expected to be £16 billion. Over 100,000 jobs have already been created and a further 480,000 are expected by the mid-2020s.
Businesses across all industrial sectors benefit from the funding provided via The Regional Growth Fund with over £1.1 billion invested in manufacturing including:
- £364 million in the automotive industry
- £100 million in aerospace
- £104 million for low carbon enterprises
In the next 2 years, the RGF will be expanded through £297 million extra funding to 63 projects and programmes in RGF Round 6 and exceptional RGF. This is expected to unlock £1.5 billion extra private sector investment.
