July 19, 2013 - Rachel Miller
Deputy Prime Minister Nick Clegg has announced that 102 companies and projects have been successful in their application for the fourth round of the government's Regional Growth Fund (RGF), following what has been described as "the most competitive round" of the fund so far.
The companies will take a share of a £506 million pot of funding – more than the original allocation of £350 million. Business Minister Michael Fallon said: "The quality of applications was very high, which is why we increased the pot to over £506 million to accommodate even more projects and programmes which will bring sustainable private sector growth and jobs across the country."
The recipients include small businesses and local partnerships from across England as well as larger manufacturers. The funding is intended to help them to expand their operations, create new jobs and stimulate private sector growth.
Nick Clegg said: "Since 2010 we have helped create 1.3 million jobs in the private sector. That's what the Regional Growth Fund is all about – and I'm extremely proud to have found extra money to invest in projects across the country that have plans for the future and want to recruit local talent that will make their businesses better."
According to the government, the projects funded by this round will leverage £2.8 billion of additional private sector investment and create or safeguard 77,000 jobs.
Business secretary, Vince Cable, said: "We have already helped over 2,600 SMEs through RGF programmes and recently announced a further £600 million RGF funding to be available from 2015 so that we can continue to support British business and manufacturing. Companies and their local economies are seeing the benefits of the Regional Growth Fund, creating jobs for the long term."