The government-backed Regional Growth Fund (RGF) has supported 8,000 companies, new statistics have revealed, ahead of the unveiling of selected bids for the sixth round of the fund.
The RGF was created by Deputy Prime Minister Nick Clegg in 2010 in a bid to bolster regional economies.
Clegg said: “It is great news that the Regional Growth Fund has now reached the landmark of supporting its 8,000th company. This innovative fund is helping companies to invest, expand and to create sustainable jobs in the local community.
As a result of investment over the past four years, hundreds of projects are underway across England, including 28 in the South East and London, 86 across the Midlands, 73 in the North West, 94 in the North East, 48 in Yorkshire and Humber, 36 in the South West and 11 in the East of England.
The scheme has also created and safeguarded about 100,000 jobs.
“Rebalancing the economy and boosting regional growth has been a top priority for me in government,” Clegg added.
“It is a key part of building a stronger economy and fairer society. The success of the Regional Growth Fund is a shining example of how government can help regional businesses realise their own goals and plan for a prosperous future.”
Selected bids for the sixth round of the RGF will be revealed this year.