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130 schemes to share £1bn in Regional Growth Fund

The government has announced 130 bidders have been selected to share more than £1 billion under the third round of the Regional Growth Fund.

A total of £697 million of the £1.05bn pot (which includes £55m recycled from rounds one and two) will go to the private sector including 101 companies.

A further £358m will go to 29 intermediaries such as local authorities and local enterprise partnerships.

Deputy prime minister Nick Clegg said: “This £1 billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.

“In tough economic times the Regional Growth Fund is good value for taxpayers’ money – this £1bn round of the fund is pulling in £6bn of private sector investment.”

Region Projects and Programmes/allocation:

  • East Midlands: 5 – £14m
  • East of England/London: 4 – £37m
  • Nationwide: 9 – £224m
  • North-east: 25 – £105m
  • North-west: 22 – £88m
  • South-east: 3 – £16m
  • South-west: 7 – £72m
  • West Midlands: 17 – £124m
  • Yorkshire and Humber: 11 – £26m
  • Local enterprise partnerships: 27 – £344m

Business minister Michael Fallon said: “Round 3 created a lot of high-quality demand for the fund which made the decision process very tough.

“However, the selected bidders represent a good breadth of different sectors and a strong distribution across the country.

“The selection process has been very fast – from companies applying to funds being allocated in only five months.

“So we are keen to get a move on which is why this time, those selected have now only three months to agree final offers, and three months to complete due diligence.

“We want to ensure good value for the taxpayer and to get these projects started as soon as possible.”

Mr Fallon also provided parliament with an update on previous rounds of the Regional Growth Fund which showed that there is now a firm and agreed position with nine out of 10 bids from rounds one and two; and that six out of 10 projects have started (or 160 projects and programmes).

A total of 29 bidders have withdrawn, allowing over £108 million to be recycled back into the Regional Growth Fund.

CBI chief policy director Katja Hall said: “The Regional Growth Fund is helping to meet businesses’ needs for growth capital up and down the country, enabling the successful companies to get projects off the ground.

“By committing to making final offers and completing due diligence within six months, the government has rightly moved to tackle one of the main criticisms of the fund previously.”

Click here for the full list of schemes.

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