Rotherham MP and Housing Minister John Healey has announced a multi-million pound boost to job opportunities in coalfield communities during the downturn.
The new Coalfields Growth Fund will offer £20m of Government and private investment over two years, to support new and growing small businesses in or near former coalfield areas.
Mr Healey also confirmed that the lifetime of the £10m Coalfields Enterprise Fund would be extended to 2014, so communities will have five more years in which to invest this Government money in supporting local employers through the downturn.
These measures combined - to be known as "Coalfields Funds" - are expected to generate further investment from private companies totalling as much as £75m over the next five years, and help create and protect hundreds of jobs in former coalfield areas.
John Healey said: "Entire communities were left devastated by the collapse of the coal industry 25 years ago. More recently, they have been dealt another blow by the global economic downturn.
"Over the past decade the Government has given coalfield areas over £500m to help them recover. They must continue to get the support they need as they face this new challenge."
Metalysis, the high tech company based on the former coalfield at Manvers, secured investment from the Coalfields Enterprise Fund in 2005 as part of an syndicate in a £5m total investment round.
Coalfields Enterprise Fund website
Rotherham
The new Coalfields Growth Fund will offer £20m of Government and private investment over two years, to support new and growing small businesses in or near former coalfield areas.
Mr Healey also confirmed that the lifetime of the £10m Coalfields Enterprise Fund would be extended to 2014, so communities will have five more years in which to invest this Government money in supporting local employers through the downturn.
These measures combined - to be known as "Coalfields Funds" - are expected to generate further investment from private companies totalling as much as £75m over the next five years, and help create and protect hundreds of jobs in former coalfield areas.
John Healey said: "Entire communities were left devastated by the collapse of the coal industry 25 years ago. More recently, they have been dealt another blow by the global economic downturn.
"Over the past decade the Government has given coalfield areas over £500m to help them recover. They must continue to get the support they need as they face this new challenge."
Metalysis, the high tech company based on the former coalfield at Manvers, secured investment from the Coalfields Enterprise Fund in 2005 as part of an syndicate in a £5m total investment round.
Coalfields Enterprise Fund website
Rotherham
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