07 Oct 2013, 2:28 pm
The Government has said that the aim of the new funding is to fund projects such as road building and land clearance that will unlock currently idle sites and attract new businesses to set up within those sites.
"Enterprise zones are at the centre of our plans to back business, help local economies grow stronger and give the UK that competitive edge," said Communities Secretary Eric Pickles. "We want to help them grow further and faster and this extra £100m investment will ensure they have the infrastructure in place to successfully attract even more businesses and create many more local jobs."
The new funding will be allocated on a competitive basis with enterprise zones being able to submit up to one bid each. The deadline for bids is 18 November.
Enterprise zones have tax, planning and infrastructure benefits that other areas do not and the local area is able to retain 100% of the business rates generated by businesses in their enterprise zone over the next 25 years.
Figures from UK Trade and Investment have shown that Britain has become Europe's top destination for foreign investment.
