Growth & Innovation Fund Launched

The second phase of the Government's Growth and Innovation Fund (GIF) has been launched. The fund supports businesses in the UK to develop their skills solutions tailored to their own needs, transforming growth in their sector, region or supply chain.

The Department for Business, Innovation & Skills (BIS) is providing £34 million during 2012-13, added to an existing budget of £29 million. With matched funding from businesses there will be approximately £60 million available under GIF this year.

There are no minimum or maximum funding levels cited for individual projects. However, the selection criteria include looking at the scale and impact of proposals and how well proposed solutions meet priority needs identified by bidders in their sectoral analysis of what can unlock growth potential. For that reason, applications with a very small value will not generally be accepted. BIS expects most successful proposals to be on a relatively large scale requiring investment greater than £500,000 per annum over a period of approximately two years.

GIF is able to invest in a wide variety of ideas and is actively seeking proposals that:

• deliver demonstrably employer-led, innovative and future-proofed skills solutions;
• support the drive to greater ownership of skills by employers;
• use GIF investment alongside employer investment; and
• build sustainable skills capacity and infrastructure.

Applications are invited from Sector Skills Councils, Industry Training Boards, formally constituted Sector Bodies, National Skills Academies, Employer Associations, Trade Associations and Professional Bodies in the United Kingdom. Collaborative applications are welcomed from multiple sector organisations. In order to ensure the fund supports businesses in the different ways they work together to secure growth, the programme has also extended its eligibility to apply to local enterprise partnerships.

The first deadline for receipt of applications under the Fund's current phase is 31 January 2012.