After launching the Regional Growth Fund (RGF) in 2010, the Deputy Prime Minister Nick Clegg is awarding close to £300 million of extra funding to help regional businesses grow in the sixth round of the Regional Growth Fund.
In total, £2.85 billion has now been invested in regional companies, helping them to expand and take on more staff.
Businesses across all industrial sectors will benefit from the funding, with over £1.1 billion being invested in manufacturing, including £364 million in automotive, £100 million in aerospace and £104 million for low carbon enterprises.
The RGF is backing British-based business by awarding 63 new projects and programmes across England with a further £297 million. The investment from the RGF will fuel business expansion and is expected to unlock £1.5 billion of additional private sector investment and create or safeguard thousands of jobs.
Deputy Prime Minister Nick Clegg said:
“After decades of regional economies being neglected I set about investing directly in local businesses via the Regional Growth Fund. This investment has allowed regional businesses to be more ambitious than ever before and gone a long way in creating a stronger economy.
A stronger economy means providing equal opportunity for everyone across the UK, rather than solely relying on the city of London to bolster UK business. The success of the RGF is proof that putting money in the hands of local businesses helps them flourish and creates opportunities for more people to work locally.”