As the upcoming general election approaches and the third round of levelling-up funding looms, it is crucial for major regeneration projects to make a compelling business case for government money. The availability of central government funding is often driven by manifesto pledges, making it essential for projects to demonstrate their ability to deliver tangible results. In order to secure funding, projects must address three key pillars: strategic fit with policy, value for money, and deliverability.
Strategic fit with policy is a crucial consideration for regeneration projects seeking government funding. Demonstrating alignment with government priorities and policies is essential for securing support. Additionally, projects must prove their value for money and financial viability. This often involves garnering support from the private sector, as commercial viability plays a significant role in funding decisions. Whether it’s a homebuilder assessing land values for a sustainable urban extension or a cinema operator considering plots in a town center being regenerated through funding, private sector investment is a key factor.
Furthermore, deliverability is a major hurdle for projects seeking government funding. The ability to foresee and mitigate risks is crucial in demonstrating that a project can be successfully completed. With the government’s focus on fulfilling manifesto pledges and ensuring tangible results, projects must showcase their ability to deliver in a way that reflects positively on all stakeholders involved. This is especially important for large-scale projects that make up the core of successful funding bids.
In addressing these pillars, the role of project management cannot be underestimated. Effective project management is essential for mitigating challenges and ensuring that projects are delivered on time and on budget. With the third round of the Levelling Up Fund moving towards awarding funding to high-quality bids, it is crucial for regeneration projects to make a strong business case that addresses these key considerations. By doing so, they can position themselves for success in securing government funding and driving positive change in their communities.