Glasgow City Region’s £160 million Investment Zone took a major step forward today with an open call launched for project funding bids from eligible businesses.
Work has progressed with the UK and Scottish Governments through the formal process to scope and finesse the Region’s proposal, following last year’s announcement. Glasgow City Region (GCR) is one of two new Scottish investment zones to benefit from investment, tax reliefs and other incentives over ten years for a package of projects which will boost the innovation economy.
To be eligible to bid for funding through the open call, businesses must fall within three key sectors: Life Sciences; Advanced Manufacturing and Precision Engineering; Digital and Enabling Technologies.
It is estimated that there are around 500 businesses in these sectors within the Region’s eight council areas.
Project bids must also be able to provide at least 60% of the project funding which would then be matched by 40% of public funding in capital / revenue investment or tax incentives through the Investment Zone.
Projects within the Region’s Investment Zone (IZ) are not necessarily bound within a bespoke geographical area. But they must be based now or in the future within the perimeter of the Region.
Bids should be submitted through a new online portal by 5 pm on 31 March 2024. The application form requires details of what the project will deliver, how it will be delivered and the match funding.
Once bids have been reviewed and assessed, the final phase of the GCR IZ process will involve the collation of the Region’s formal proposal, including the package of projects, for consideration and approval by the UK and Scottish Governments.
