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Regional Growth Fund attracts 492 bids
492 bids have been made, competing for a share of £950m from the Regional Growth Fund.
The Department for Business, Innovation and Skills (DBIS) received the bids in response to the second round of the £1.4bn fund, which is designed to encourage enterprise, growth and jobs in the private sector and support regions that are dependent on the public sector.
The bids, asking for £3.3bn, are to be assessed by the Independent Advisory Board, chaired by Lord Heseltine.
The board will then make recommendations to a board of ministers, led by Deputy Prime Minister Nick Clegg, which will make the final decisions as to which proposals should receive funding. It is expected that the successful bidders will be announced in the autumn.
More than 330 of the total number of bids received are bidding for between £1m and £5m.
Clegg, said: "This vital regional fund uses government investment and multiplies it to give a real boost to local businesses."
"Round one is already helping local economies across the country and has attracted £2.5 billion of private sector investment. This will directly create or protect over 27,000 jobs, and secure around a further 100,000 jobs on related supply chains and in local economies."
Further information:
Department for Business, Innovation and Skills
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