The Regional Growth Fund established back in 2010 by the Deputy Prime Minister has now supported 8,000 companies to grow and thrive across England through a series of 400 projects and programmes, including two locally.
The Fund has created and safeguarded 100,000 jobs and distributed more than £1 billion across the country and has helped to support the Isle of Wight (IoW) Marine Business Partnership and the Solent Local Enterprise Partnership.
For the first time, the Deputy Prime Minister is confirming the total number of projects and programmes that are underway thanks to the Fund. To date, there are 94 projects and programmes underway in North East, 73 in North West, 48 in Yorkshire and Humber, 28 in South East and London, 36 in South West, 61 in West Midlands, 11 in the East, 25 in the East Midlands, and a further 25 that are nationwide in scope. The selected bids for RGF Round Six will be unveiled in 2015.
Deputy Prime Minister Nick 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.
“Rebalancing the economy and boosting regional growth has been a top priority for me in Government. It is a key part of building a stronger economy and fairer society. The success of the RGF is a shining example of how government can help regional businesses realise their own goals and plan for a prosperous future.”
Alongside awards made directly to larger businesses, the RGF has also supported many small and medium-size businesses. Local partners such as Chambers of Commerce, Universities and Local Enterprise Partnerships have been running programmes to target support to those smaller businesses with most potential in their local areas.