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Third round of RGF applications opens for business

The third round of Regional Growth Funding has opened today, as the Government makes a further £1 billion available to businesses across the UK.

The Deputy Prime Minister Nick Clegg will make the announcement at the Government’s National Manufacturing Summit at the Bristol and Bath Science Park.

He will also confirm that 48 of the successful firms from the first two round have completed their legal checks, and have been given access to Government funding to leverage private sector investment.

It is hoped that the scheme will put in at least £5 of private sector money for every £1 of public money.

The Regional Growth Fund is already having a huge impact across the UK. So far there have been over 170 successful bids to the fund, leveraging around £7.5 billion of private sector investment and set to create and protect 330,000 jobs

Commenting on the news, Mr Clegg expressed the hope that the fund would create more jobs to get Britain building and making things again.

“Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects.” He said.

‘From Pirelli Tyres in Carlisle who’ll use the money to develop a new range of carbon-cutting tyres; to a Portsmouth based company which hopes to use theirs to create a cutting edge boat building college.

“These are the kinds of projects that will lead their communities into brighter times, helping put industry at the heart of the UK’s economy. Businesses have until June to apply for a share of this extra £1 billion.”

Expressing his support for the deputy Prime Minister, Business Secretary Vince Cable stressed that this new round of funding should not make businesses complacent about the future.

He added: “The additional £1 billion in the fund will help us maintain momentum around supporting even more businesses and encouraging the creation of new jobs.

“Many of the successful projects from rounds one and two were manufacturers and the sector remains one of our national success stories.

“Manufacturing lies right at the heart of the Government’s strategy for economic recovery and growth.”

Many of the 176 successful bidders from rounds one and two, which are currently going through their legal checks, have already started their projects, with around a third of the companies reporting that activity is underway.

This was posted in Bdaily's Members' News section by Ruth Mitchell .