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Regional businesses encouraged to bid on £300m Growth Fund round

The Deputy Prime Minister has encouraged businesses to bid for their share of round 5 of the Regional Growth Fund.

£300m of cash is available to private sector bidders seeking £1m or more, to be used to projects that will create sustainable jobs.

Business have until noon on December 9 to submit their bids.

So far £2.6 billion from the first four rounds of the Regional Growth Fund has supported over 400 projects and programmes, which will create and safeguard hundreds of thousands of jobs over the long-term and stimulate £14.7 billion of private sector investment.

Deputy Prime Minister Nick Clegg said: “This fund has so far helped over 400 projects and over 3,000 SMEs across the country to boost our economy - expanding, improving, innovating and helping secure our economic recovery.

“The economic recovery is starting to bloom – we’re seeing very encouraging signs that we are turning a crucial corner on our road to recovery. Home-grown and British-based businesses are leading that charge for a stronger economy.

“The Regional Growth Fund is a helping hand from the government, but I pay tribute to the people who are working hard to fuel our recovery.

“My message to businesses in every region is clear - if you’ve got a project that needs a boost, bid for cash from the Regional Growth Fund.”

Business Minister Michael Fallon added: “Round 5 requires minimum bids of £1 million but smaller bids are also supported by the fund through programmes.

“That is why I am making sure that local and national programmes are available to small to medium-sized businesses from as little as £5,000 in some areas all the way up to £1 million. Since the Fund started, over 3,000 grants have been given to SMEs through programmes.

“We expect there will be stiff competition, so companies should take time over their application and demonstrate the benefits that support will bring. We want more businesses to benefit so that they can achieve their ambitions.”

This was posted in Bdaily's Members' News section by Tom Keighley .