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Nick Clegg opens new Regional Growth Fund bidding

The Government has opened up a new round of bidding for the Regional Growth Fund (RGF) for businesses to receive a share of £350m.

The fund aims to kickstart the British economy by injecting cash into firms, which will be matched by investment from the private sector.

Deputy Prime Minister, Nick Clegg, urged companies to apply for the fund, which aims to boost jobs and help firms expand into new markets.

Mr Clegg announced that 180 projects have already started off the back of RGF money, while recipients of the first three rounds of the fund have promised to create or protect around 500,000 jobs.

RGF businesses also pledged a £13bn investment boost to the economy as a result of the Government scheme.

The Government said that for every £1 put in to businesses by the RGF, £6 will be provided by private investors.

Mr Clegg commented: “The Regional Growth Fund is already proving a shrewd investment by providing a welcome boost to jobs and growth across the country, with thousands of jobs created, businesses expanding into new markets and manufacturing new products.

“With this next round of funding, I would urge England’s budding businesses to produce top quality bids to access the money that can help them grow.

“There’ll be stiff competition, and we can only invest in those projects that will lead to sustainable jobs and the best value for money.Boosting jobs and growth is our number one priority for Britain right now.

“That is why I am so pleased to be opening a fourth round of the Regional Growth Fund which supports growth across a range of industries.”

On a visit to Kent, Business Minister Michael Fallon met with manufacturing firm, H V Wooding, who successfully bid for a share of the RGF through the East Kent expansion programme.

He commented: “The Regional Growth Fund is playing a pivotal role in supporting business and enterprise. Jobs are being created, money is being invested and the fund is making a difference.

“This additional round and the improved processes we have put in place will help keep the momentum going.

“Take H V Wooding in Kent, where our support is releasing private investment giving them the confidence to invest, hire and grow.

“I want more companies to come forward and apply to Round 4 or look out for similar opportunities through their local enterprise partnership.”

Also visiting RGF recipients, Nick Clegg met with two technology-based firms in Leeds and Huddersfield.

Mr Clegg commented: “Surgical Innovations in Leeds secured £5.05m of the fund which will see the firm catalysing a health technologies hub for the city and create hundreds of jobs.

“Cummins Turbo Technology in Huddersfield is able to push ahead with a cutting edge project that will make them leaders in turbo-charging technology.

“Just like in Yorkshire, local economies across the country are seeing the direct benefits of this funding through new jobs and additional investment. That is what the Regional Growth Fund is all about.”

Applications to the fourth round of the RGF will close on 20th March at midday, and bids will be approved as soon as possible.

This was posted in Bdaily's Members' News section by Miranda Dobson .