The government’s Regional Growth Fund (RGF) – injecting cash into firms which is met by private sector investment – is now open to a new round of bidding for firms looking to get their hands on a share of £350 million.
Deputy prime minister, Nick Clegg, has spoke ahead of the latest round of funding, encouraging firms to apply for the fund and get their business growing. He said that 180 projects had already received a cash injection from the fund, with recipients of the first three rounds promising to create or protect around half a million jobs. RGF businesses have also pledged to invest £13 billion into the economy as a result of the government scheme.
However, the government can’t take all the credit for the cash incentives. The private sector has also contributed significantly to the scheme, putting £6 in for every £1 the government spends, highlighting a commitment to helping the country get out of the economic mire.
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.”
He went on to say that businesses applying for the funding should expect stiff competition, as the investment will only be made in companies which will provide the best route to sustainable jobs and the best value for money. “Boosting jobs and growth is our number one priority for Britain right now,” Clegg said.
The deputy prime minister will be visiting Leeds and Huddersfield to meet with two technology-based firms, while business minister Michael Fallon travelled to Kent to meet with manufacturing firm H V Wooding, who successfully bid for a share of the RGF through the East Kent expansion programme.
For more information and how to apply, visit GOV.UK