A £1 billion funding stream, aimed at creating private sector jobs, was showcased to around 30 Black Country businesses at a recent event.

The Black Country Local Enterprise Partnership hosted the event to support businesses looking to bid into round three of the national Regional Growth Fund.

The workshop, held at Pure Offices in Oldbury, gave businesses an overview of how the government funding is allocated and offered tips on submitting a successful application.

Companies with potential Regional Growth Fund projects were invited to attend to get advice about the application process and an understanding of what funding was available.

They were also given details of successful Black Country projects from round two of the fund where local companies successfully applied for a total of £9.6 million. This will allow the successful companies to expand their business operations, with a further £54.7 million of investment provided by the companies themselves. The projects will create and safeguard 700 jobs.

The Black Country LEP is now urging the region’s businesses not to miss out on the £1 billion currently available in round three, which closes for applications on June 13.

Stewart Towe, chair of the Black Country Local Enterprise Partnership, said:

“The success Black Country businesses had in the last round of the Regional Growth Fund should give more companies all the encouragement they need to submit a bid for funding. The recent event offered support to firms looking to grow their operations and we will support others interested in finding out more about this funding stream.”

Businesses not represented at the event can find copies of the presentations at www.blackcountrylep.co.uk by clicking on the Regional Growth Fund tab.

The Regional Growth Fund aims to stimulate private sector investment by providing support for projects that offer significant potential for long-term economic growth and the creation of private sector jobs.

Bids are competitive and must be made for a minimum of £1 million unless the application is part of a package of projects.

Companies interested in finding out more can visit the LEP website or contact the Black Country LEP’s RGF team on 01384 471116.

The LEP, which is made up of private sector members as well as the four Black Country councils has joined forces with the Manufacturing Advisory Service and Black Country Chamber of Commerce, to maximise support for local companies.