The RGF aims to intended to boost jobs and economic growth by supporting private sector projects in areas considered overly reliant on the public sector that have stalled due to the recession.

The RGF has been criticised for the slow pace of delivery, most recently in a report by the National Audit Office, which also said "a significant portion" of the £1.4 billion allocated in the first two rounds has gone to projects creating "relatively few jobs for the money invested".

The BIS statement said "timings have been improved" for round three and that contracts would have to be signed within six months of a company receiving an offer of funding.

Brighton’s i360 received £3m of funding from the second round of the RGF in May [see earlier story].