RGF follows a bottom-up approach, i.e. there are no pre-defined priority areas. The main criteria are the creation of jobs both directly through the project and indirectly created as a consequence of the project. Projects can include capital investment, infrastructure and R&D projects.
How does RGF apply to SMEs?
The minimum subsidy threshold is £1m, with a maximum grant award of 20% of the project costs. The £1m threshold has been set to ensure that the fund is accessible to SMEs. As long as the business can demonstrate long term job creation, particularly in areas currently heavily dependant on public sector employment, and has a project with a minimum total value of £5m, SMEs can apply to his programme.