A total of £20 million has been given to three projects in the East Midlands in Round 5 of the Regional Growth Fund.
This is expected to raise £70 million of private investment and create and safeguard hundreds of jobs. One of the successful bidders in the latest round was the University of Derby.
The University secured funding for the RGF-supported Derby Enterprise Growth Fund which is run by Derby City Council. The fund aims to assist growth and job creation in businesses through a mix of loans and grants.
David Ralph, Chief Executive of D2N2, the Local Enterprise Partnership for Derbyshire and Nottinghamshire, said: “The Government’s Regional Growth Fund has been a really important product across the LEP area of Derbyshire and Nottinghamshire, whether that be direct to D2N2 businesses or through programmes such as Global Derbyshire, Unlocking Investment for Growth or the Derby Enterprise Growth Fund.
“We really welcome today’s (Thursday) announcement of the winning bid by the University of Derby which will enable the extension of this funding for the benefit of the Derby area. It will provide important extra funds for business expansion and help create even more new jobs beyond the current expiry of March 2015, which is excellent news for our area.”
George Cowcher, Chief Executive of the Chamber of Commerce for Derbyshire, Nottinghamshire and Leicestershire, said: “The Government has announced a further £20m Regional Growth Fund allocation for the East Midlands. All money coming into the region is helpful and useful.
“The bid submitted by the University of Derby, which has secured a share of that £20m, will supplement the Derby Enterprise Growth Fund which is a pot of money used to help small businesses grow and create jobs around the city.”
Northamptonshire firm Dalepak Limited and the Lincolnshire Chamber of Commerce & Industry were also successful in securing Round Five funding.
When added to the success of the first four rounds of the Regional Growth Fund (RGF), this represents a total of £160 million of RGF funding for East Midlands projects. This has raised £1.1 billion of private sector investment and will create tens of thousands of jobs in the long-term.
Department of Work and Pensions Minister Steve Webb is visiting Confetti Media in Nottingham today as Deputy Prime Minister Nick Clegg announces over £300 million for UK businesses in Round 5 of the Government’s Regional Growth Fund.
Confetti Media received £133,660 in Round 3 to set up a new local TV station employing 25 full time staff.
The Deputy Prime Minister said: “The East Midlands has seen major benefits from the Regional Growth Fund already, and the £20 million investment I am announcing today is the latest important part in making sure the recovery is sustainable and balanced across the country.
“We’re seeing very encouraging signs that the British economy is on the road to recovery. Home-grown and British-based businesses are leading that charge for a stronger economy. The Regional Growth Fund gives businesses a helping hand from Government to fuel business expansion and create sustainable employment.
“I pay tribute to the ambitious companies who are using the Regional Growth Fund to create jobs locally, helping to build a stronger economy and doing it fairly.”
Steve Webb said: “As a Government, we want to help businesses create jobs in range of sectors across the country. That’s why I am pleased to be visiting Nottingham today to see the kind of impact the Regional Growth Fund can have. Projects like Confetti Media show that it is delivering tangible jobs and growth and providing a real boost for the creative industries in the area.”
A total of 50 companies and programmes will receive cash in the latest round of the RGF across the country, a Government project to create sustainable employment and rebalance the economy.
The companies will take a share of £300 million in funding through Round 5 of the RGF, which will secure six times that amount in private sector investment and create or safeguard thousands of jobs across England.
Of the £300 million, £119 million of investment will help to rebalance the economy by supporting 37 companies from a range of industrial sectors and £182 million has been awarded to a further 13 RGF intermediary programmes, both regional and national, to support small businesses and promote growth.
Round 6 of the Regional Growth Fund will open for applications in the summer.
