The funding is part of the Regional Growth Fund and takes the total fund to £2.4 billion. It will be available to businesses and public / private partnerships with ambitions to create new jobs and make a significant impact on their local economy.
The Government fund leverages private sector investment, with at least £5 put in for every £1 of public money.
Announcing the new fund, Deputy Prime Minister Nick Clegg said:
“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.“
Businesses have until June to apply for a share of the extra £1 billion. 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, while 48 firms have already started to access their funding.
Business Minister Mark Prisk said that manufacturing industry’s contribution to the UK economy cannot be under estimated – the sector is worth approximately £130bn a year and employs 2.5m people
The 48 firms which have now signed final contracts will collectively receive around £190 million of the RGF and will create and protect around 5000 new jobs. Companies who will receive the funding include:
- International Pipeline Products Ltd will upgrade its manufacturing plant in Ayclffe in County Durham.
- Sheet metal work business Hydram Engineering Ltd will upgrade its plant in County Durham. They will receive £486,000 from the RGF, supported by £2.2 million of private investment.
- Omega North East Ltd manufactures injection mould tools and will expand its business to a new site in Stockton-on-Tees. They will receive £175,000 from the RGF, supported by £612,000 of private investment.
For more information on the criteria of the fund and how to bid, visit www.bis.gov.uk/rgf. The deadline for bids is 13 June 2012.
There will also be a series of road shows taking place across England to give potential bidders the opportunity to find out more about the fund and get advice on their proposals. The first series of road shows will begin at Birmingham on 16 March, followed by York on 20 March and Gateshead on 22 March. Further dates and locations are being planned and will be available on the RGF website shortly.
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