BCR publishes consultation on Capability and Innovation Fund Pool E
Banking Competition Remedies Ltd (BCR), the independent body established to implement the £775m Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package (ARP), today invites potential applicants to participate in its consultation on Capability and Innovation Fund Pool E £100m grant funding.
This funding round is for the £100m returned to BCR by Metro Bank and Nationwide after their own internal strategic reviews indicated a change in direction. The processes embedded within the APR, enable BCR and the awardees to take account of such changes and, as in this case, return some or all of the funds for redeployment.
BCR is now consulting widely on the optimal individual grant sizes within the £100m before finalising its decisions on these and then opening for Pool E applications.
The Pool E consultation letter, which details the consultation and the aspect on which BCR is requesting feedback, can be found here.
The letter also includes clarification on the aspects of Pool E that are pre-determined by the ARP and not subject to change, including the eligibility to apply and assessment criteria.
Aidene Walsh, lead director on CIF, said: “As part of designing the application process, we are seeking sector feedback on the optimal individual grant sizes for these funds. We will then finalise and publish the process and timeline for applications as soon as practicable”.
BCR chair, Godfrey Cromwell, added: “The Capability and Innovation Fund now has the opportunity to redeploy £100m to potential applicants who can deliver choice and effective solutions to SMEs. This is particularly important in the current economic climate and BCR has sought to bring forward this funding with that in mind.”