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Latest Regional Growth Fund pot stands at £506m 11 July 2013

The government has announced a funding pot of £506m in its latest round of the Regional Growth Fund (RGF).

Deputy prime minister Nick Clegg confirmed that 102 companies and projects which applied for funding have been successful in the fourth round and will take a share of the £506m, which was increased from the original £350m announced.

Of the total, £314m will go directly to the private sector, comprising 60 awards to companies and 12 private sector-run RGF programmes.

Some £192m has been awarded to 30 other programmes, such as local authorities and Local Enterprise Partnerships.

Clegg claimed that the different projects and programmes from this round will leverage £2.8 billion of additional private sector investment and create or safeguard 77,000 jobs.

According to the government, when added to the first three rounds it represents a total of £15 billion of private sector investment.

Clegg said since 2010 the government has helped create 1.3 million jobs in the private sector.

Business secretary Vince Cable added: “In tough economic times we need successful schemes such as the Regional Growth Fund which has been vital in stimulating private investment that would otherwise not have gone ahead.

“We have already helped over 2,600 SMEs through RGF programmes and recently announced a further £600m RGF funding to be available from 2015 so that we can continue to support British business and manufacturing.”

The RGF is a £3.2 billion fund operating across England from 2011 to 2017.

The 102 projects selected to receive fourth round investment were whittled down from 309 applications, which asked for more than £1.9 billion.

 

 

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