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.
He is also set to confirm that 48 of the successful firms from the first two rounds of the fund have completed their legal checks and have access to the Government fund which leverages private sector investment, with at least £5 put in for every £1 of public money.
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. I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward – making sure their hats are in the ring.
“Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who’ll use the money to develop a new range of carbon-cutting tyres; to a Portsmouth based company which hopes to use theirs to create a cutting edge boat building college.
“These are the kinds of projects that will lead their communities into brighter times, helping put industry at the heart of the UK’s economy. Businesses have until June to apply for a share of this extra £1 billion.”
Business Secretary Vince Cable said: “The Regional Growth Fund is starting to make excellent progress. Already 48 firms have started to access their funding, and around a third have started their projects as they go through legal checks. This means jobs are being created, money is being invested and the fund is making a difference.
“But we cannot be complacent. The additional £1 billion in the fund will help us maintain momentum around supporting even more businesses and encouraging the creation of new jobs.
“Many of the successful projects from rounds one and two were manufacturers and the sector remains one of our national success stories. Manufacturing lies right at the heart of the Government’s strategy for economic recovery and growth.”
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.
