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The first batch of projects from Birmingham City Council which are seeking cash from the £1.4bn Regional Growth Fund (RGF) have been unveiled. If approved by city cabinet members at a meeting on Monday, the five schemes will aim to seek a total of £35.9m. The largest project which has been recommended for submission is a scheme from Finance Birmingham looking for £20m aimed at helping small businesses.

The RGF, chaired by Lord Heseltine, is a funding pot which will be split between projects across the country.

Finance Birmingham is seeking to secure £20m from the RGF, with the investment amount being matched. The organisation said it is looking to support small and medium sized businesses through the scheme, which offers loans of £100,000 to £500,000 to start-up and entrepreneurial companies.

Aston Reinvestment Trust (ART) has also submitted a proposal for the funding facility. The community development financial institution, which operates in Birmingham and Solihull, is looking to provide loans for £10,000 to £50,000 to small businesses. The organisation currently receives financial support from Advantage West Midlands, which will cease in March 2012. ART is asking for £1.6m from the RGF pot, which will be matched by £3.9m.

The third access to finance project which has been shortlisted for investment is the Birmingham Young Peoples Enterprise Project. The project would give pre- and post- start-up advice to young people in the city who are looking to set up in business. The enterprise project has submitted a bid for £669,819 from the RGF, which would be matched by £1.12m of funding.

Two construction projects have also made the final five projects seeking recommendation. The first, a combined proposal between Birmingham City Council Partnership and developer St Modwen, is looking to secure funding for road infrastructure refurbishments on the Longbridge development. The joint venture has requested £12m from the RGF pot, which will be matched by a further £14m.

The last project which will go forward to cabinet members is a bid from Persimmon Homes with the Birmingham City Council Partnership. The organisation has requested funding totaling £1.6m from the RGF, to be combined with matched funding worth £1.85m. The investment would be used for the Perry Common Estate Regeneration scheme and the construction of 76 new homes.

More than 40 further proposals are currently under consideration by the council.

The council report states that it recommends all five bids secure the appropriate RGF funding, and that none of the projects present match-funding implications for the council.