RGF: Liverpool creates sub-£1m capital pot

Liverpool City Region Local Enterprise Partnership was awarded £10m from the Regional Growth Fund to distribute to companies acquiring new plant and equipment.

The City Region Business Expansion Programme will provide direct assistance to businesses on the basis of £1 of support for every £5 of investment by the business.

Robert Hough, LCR LEP chairman, said: "We are delighted that Government has approved our bid. It will benefit businesses that want to grow and will allow us to create employment in the City Region. The LEP itself is not a cash recipient of the funding but did put together the bid, and it is down to the support we have from our Members that we are able to bid for this type of fund."

Asif Hamid, chairman of the LCR LEP Business Growth and Enterprise Board, added: "The LEP recognised that because the RGF has a minimum bid threshold of £1m, many small and medium sized businesses were unable to bid. In response, we put together a bid that could support such businesses seeking between £100,000 and £750,000 to invest in capital plant and equipment that would allow them to grow. We know there are businesses looking for this type of support and we have put together an innovative programme that meets their business needs."

The announced funding is conditional on the undertaking of a due diligence process with Government and it is unlikely that money will be allocated before summer 2013.