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£450m investment for businesses across England
The Government have announced plans to invest £450m in businesses across England.
They expect over 27,000 jobs to be directly created and safeguarded, with close to a further 100,000 jobs in associated supply chains and local economies.
The £450m being invested by the Government through the first round of the Regional Growth Fund (RGF) is expected to leverage more than £2.5bn of private sector investment.
The first round of the RGF will see an expanded amount of public investment support 50 bids by companies and partnerships who demonstrated how they would create jobs and a high level of private sector-led sustainable economic growth in their local communities over the coming years.
The second round of the fund has opened to bids and will aim to allocate the remainder of the fund, of nearly £1bn.
The RGF is a £1.4bn fund which is designed to encourage enterprise, growth and jobs in the private sector and support areas and communities that are dependent on the public sector.
Conditional allocations have been made to successful bidders and will now be subject to a due diligence process, which will establish whether the Government is confident that the organisations can deliver on the proposals in their bid and be agreed through contract.
Projects that have been given conditional allocations of funding include construction of a manufacturing plant on the Lotte Chemical site in Teesside to develop resins for food and drink packaging and development of a new factory, R&D laboratory and HQ office facility for Holroyd Precision Ltd in Rochdale.
After considering the large number of high quality bids submitted to round one, ministers decided to allocate more than £450m in this round rather than the £250m originally foreseen.
Business Secretary Vince Cable said: "Supporting job creation in the regions is vital if we are to drive growth in our local communities."
Further information:
Department for Business, Innovation and Skills
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