Chuka Umunna – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, how much in Regional Growth Fund money is currently held by intermediaries; and how much such money has been allocated (a) in each bidding round, (b) to each intermediary and (c) in each region.

Michael Fallon

From the four Regional Growth Fund (RGF) bidding rounds, £1.5 billion has been allocated to RGF programmes from which grants are made to small and medium-sized enterprises (SMEs.)

Of this, £452 million was allocated to 13 endowment programmes in Rounds 1 and 2 that received the full payment of their RGF grant upfront. These programmes have since invested £144 million to date in individual projects, and of the remaining £308 million held by such endowment programmes, a further £154 million is already committed to specific SME projects.

Non–endowment programmes are funded a quarter in advance on evidence of credible pipeline projects. These programmes have spent £172 million with a further £151 million of RGF paid to them in the last financial quarter under the expectation it would be spent this quarter. The money held by these programmes is not causing any delay to individual projects as businesses claim the money according to their business needs. A table of RGF funding allocated to intermediaries by each bidding round and region will be placed in the libraries of the House.