Nick Clegg launches £300m regional growth pot

A new round of the Regional Growth Fund opens today as the Deputy Prime Minister Nick Clegg called on businesses across the country to bid for a share of the £300 million cash pot.

The Deputy Prime Minister praised ‘home grown and British-based businesses’ for their crucial role in Britain’s economic recovery.

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.

Round 5 will be open to private sector bidders seeking £1 million or more. The Government is calling for companies planning high quality projects that will generate significant private sector investment and sustainable jobs. Businesses will be able to submit their bids until noon on 9 December.

Nick Clegg will visit DUCO and Responsive Engineering in Newcastle to see how money they have received from the Fund will help them open up new markets and create jobs in the local economy.

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.”

To help bidders on their applications, road shows and expression of interest days will be held throughout the country from today to provide advice on how to make a successful bid. These will be in the following locations:

11 Oct - Newcastle, North East (launch event)
14 Oct - Loughborough, East Midlands
25 Oct - Huddersfield, Yorkshire and Humber
05 Nov - Plymouth, South West
13 Nov - Liverpool, North West
14 Nov - Birmingham, West Midlands

For more information, and further details of the expression of interest events in your areas please go to www.gov.uk/understanding-the-regional-growth-fund or email growthfund@bis.gsi.gov.uk