Thursday, July 25, 2013

News: Further £7m to unlock business investment in the city region

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The Local Enterprise Partnership (LEP) has been conditionally awarded £7m from the Government's Regional Growth Fund (RGF) to support modern manufacturing and technology companies to create jobs in the Sheffield City Region.

The RGF is the government's main source of funding for economic development and regeneration and the latest bid is a follow up to the successful £25m bid secured in round three of the fund.

The LEP had bid for another £25m to to "top-up" the existing "Unlocking Business Investment" programme, which was over-subscribed and already on track to create approximately 2,000 sustainable, private sector jobs.

So far, ten local businesses have had their projects formally approved to receive over £4m from the LEP's RGF programme. These ten businesses will create 279 new jobs in the Sheffield City Region.

50 local projects are hoping to secure funding and the LEP hopes that the extra funding can be used to create over 500 additional new jobs.

David Grey MBE, board member of the LEP and RGF Steering Group lead, said: "It is excellent news that the Government has given our RGF programme this funding boost. This will enable our programme to be extended to grow more businesses and create further jobs.

"The Sheffield City Region bid competitively to receive £25m from Round 3 of the Regional Growth Fund. This extra money from Round 4 brings our total funding to £32m and the combined amounts will enable us to unlock over £125m of private sector investment.

"Access to RGF funding is allowing businesses to bring forward expansion plans that may not have happened in these uncertain times."

Sheffield City Region website

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