The £2.6 billion Regional Growth Fund operates across England from 2011 to 2016. It aims to help rebalance the economy by investing in companies that can create jobs and attract substantial match-funding from the private sector. For every £1 of Government money, the private sector is putting in £6.
Clegg said in a statement that the fund has already helped 180 projects to get started. Projects from the first three rounds have pledged to create or safeguard a total of 500,000 jobs along with an injection of £13 billion private sector investment into the economy.
"The Regional Growth Fund is already proving a shrewd investment by providing a welcome boost to jobs and growth across the country, with thousands of jobs created, businesses expanding into new markets and manufacturing new products," said Clegg. "With this next round of funding, I would urge England’s budding businesses to produce top quality bids to access the money that can help them grow."
"There’ll be stiff competition, and we can only invest in those projects that will lead to sustainable jobs and the best value for money. Boosting jobs and growth is our number one priority for Britain right now. That is why I am so pleased to be opening a fourth round of the Regional Growth Fund which supports growth across a range of industries," Clegg said.
The additional funding available through round four was first announced last month in Chancellor George Osborne's Autumn Statement as part of a range of measures to target help for businesses and rebalance the economy to drive growth.
Businesses can submit applications until 20 March and the Government said it will host a number of 'expression of interest' events in the regions to offer support and help with the application process.
Round four of the funding will benefit from the accelerated timetable, which also applied to the third round. This means all offers will be confirmed within six months.
