A staggering 102 companies and projects that applied for funding through the government’s Regional Growth Fund (RGF) have made it to the fourth round, according to Deputy Prime Minister Nick Clegg.
The RGF has played a vital role unlocking a significant amount of private sector investment around the country, supporting numerous businesses. And, indeed, an investment of £506m to be split between these companies could help stimulate growth and create thousands of UK jobs.
Clegg explains that the Regional Growth Fund is exactly what this country needs to go for growth. Family-run Cartwright Group in Manchester, for example, are now expanding to 300 jobs and train up to 30 apprentices every year for the next three years. Toyota will also use the money to help increase their ability to develop and produce new generations of Toyota cars right here in the UK, creating opportunities for the future.
Effectively, the different projects and programs from this round will leverage £2.8bn of additional private sector investment and create or safeguard 77,000 jobs. When added to the success of the first three rounds, this represents a total of £15bn private sector investment.
“The quality of applications was very high, which is why we increased the pot to over £506m to accommodate even more projects and programs,” said Business Minister Michael Fallon. “My focus has always been on delivery and the deadlines I introduced have helped speed up the awards process so that companies have more certainty to invest, hire and grow.”
The government will also be publishing the first RGF Annual Monitoring Report (AMR), detailing the progress of RGF Rounds one and two up to March 2013.
The report shows that for the first two rounds:
- Job creation is on target, with 32,000 jobs created or safeguarded against the 31,500 companies committed to create by March 2013;
- £1.2bn has been invested by the private sector estimates show that this will create or safeguard a further 26,600 jobs in the wider economy; and
- Together this represents 58,600 jobs that have been created or safeguarded so far. For rounds one and two this is 20 per cent of the way towards the overall job commitment made by RGF projects and programmes over their ten year lifetimes.