Round One :
Round One The first round is now open and closes on 21 January.
There will be at least one subsequent round.
Later rounds will include an expression of interest stage and therefore may be more suited to bids which are not yet fully developed.
Objectives :
Objectives The RGF has two objectives:
(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
(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.
Criteria :
Criteria Bids will be judged on how well they meet these objectives by assessment against five criteria.
Project location
Additionality
Sustainable private sector growth
Value for Money
State aid
There are interdependencies between criteria and bids will be considered holistically.
The Decision Process :
The Decision Process Following the appraisal process the bids will be passed to Lord Heseltine’s Advisory Panel.
This panel will make recommendations to ministers on which projects should go ahead seeking to identify the bids which best satisfy the objectives of the Fund.
The final decision will be made by a ministerial panel based on the advice they receive.
Due Diligence and Payment :
Due Diligence and Payment Confirmatory due diligence will be required once an offer is made.
The due diligence will be proportionate and the minimum necessary to protect the public purse.
The purpose is to confirm that the information set out in application form is a true and fair reflection of the project – including project risks.
The “final offer” will set out how and when payments will be made and will what milestones will need to be reached in order for payment to be released.
The final offer letter may contain recovery or profit sharing provisions as appropriate.
The offer letters will follow a standard form, but there may be additional terms and conditions depending on the nature of the bid.
A Good Bid :
A Good Bid The RGF is a challenge fund and we are anticipating a high number of bids.
For your bid to be successful you should demonstrate how it fits the objectives of the fund, is “additional” and offers good value for money.
Keep your explanation of the strategic case brief and evidence based.
The application form should not require an excessive amount of time or third party support to complete.
Be realistic about the amount of support you need.
Leverage private sector funding and ensure that your bid fits well with the local economy, if it doesn’t it won’t be sustainable.
There are no tricks. Your bid will be judged against the objectives and criteria. Read the supplementary documents carefully.