News: Rotherham firms secure government cash for growth
Rotherham-based companies, AESSEAL and Redirack have both secured funding from the government's Regional Growth Fund (RGF).
The Sheffield City Region Local Enterprise Partnership (LEP) has also secured £25m for a programme that will help businesses across the city region expand their operations, create new jobs and stimulate growth.
The RGF is the government's main source of funding for economic development and regeneration. Over 400 applications were competing for a share of £1 billion in the third round of the fund.
130 projects have been selected for the third round and Deputy Prime Minister Nick Clegg said: "This £1 billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.
"In tough economic times the Regional Growth Fund is good value for taxpayers' money – this £1 billion round of the fund is pulling in £6 billion of private sector investment."
The Business Secretary, Vince Cable, added: "The Regional Growth Fund is creating the long-term growth and jobs that this country needs. The projects support important local priorities and there is a good alignment with key sectors in our Industrial Strategy including automotive, aerospace and life sciences."
With their global headquarters at Templeborough, award-winning AESSEAL manufactures mechanical seals, which are environmental containment products used on all types of rotating equipment in process industries.
Redirack is a pallet racking and mezzanine floor manufacturer that has an 100,000 sq ft manufacturing plant in Kilnhurst and has over 100 employees.
Details of how much the firms have secured and what they plan to do with the money have yet to be announced but they will meet the aims of the RGF - creating jobs, encouraging private investment and supporting areas dependent on the public sector.
Both firms recently committed to invest in the future with new apprentices.
The LEP's programme hopes to unlock £100m of direct business investment, leading to sustainable, private sector growth in the city region.
27 local companies put forward plans for growth as part of the RGF bid. The LEP will be inviting many more businesses with plans for growth in the City Region to be part of the programme.
James Newman, chairman of the LEP, said: "This bid has been several months in planning and a lot of hard work has gone into getting it right – it brings together dozens of companies with robust plans for growth.
"It is now crucial that we focus on the delivery of this ambitious programme, and we look forward to working with our partners, Government and local businesses.
"The Sheffield City Region LEP’s programme will demonstrate that a small amount of funding can unlock significantly more direct private sector investment – leading to growth and sustainable, private sector employment."
Despite making the shortlist, the bid from the LEP and partners to secure RGF funding for infrastructure around key employment sites has not been successful.
AESSEAL website
Redirack website
Sheffield City Region LEP website
The Sheffield City Region Local Enterprise Partnership (LEP) has also secured £25m for a programme that will help businesses across the city region expand their operations, create new jobs and stimulate growth.
The RGF is the government's main source of funding for economic development and regeneration. Over 400 applications were competing for a share of £1 billion in the third round of the fund.
130 projects have been selected for the third round and Deputy Prime Minister Nick Clegg said: "This £1 billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.
"In tough economic times the Regional Growth Fund is good value for taxpayers' money – this £1 billion round of the fund is pulling in £6 billion of private sector investment."
The Business Secretary, Vince Cable, added: "The Regional Growth Fund is creating the long-term growth and jobs that this country needs. The projects support important local priorities and there is a good alignment with key sectors in our Industrial Strategy including automotive, aerospace and life sciences."
With their global headquarters at Templeborough, award-winning AESSEAL manufactures mechanical seals, which are environmental containment products used on all types of rotating equipment in process industries.
Redirack is a pallet racking and mezzanine floor manufacturer that has an 100,000 sq ft manufacturing plant in Kilnhurst and has over 100 employees.
Details of how much the firms have secured and what they plan to do with the money have yet to be announced but they will meet the aims of the RGF - creating jobs, encouraging private investment and supporting areas dependent on the public sector.
Both firms recently committed to invest in the future with new apprentices.
The LEP's programme hopes to unlock £100m of direct business investment, leading to sustainable, private sector growth in the city region.
27 local companies put forward plans for growth as part of the RGF bid. The LEP will be inviting many more businesses with plans for growth in the City Region to be part of the programme.
James Newman, chairman of the LEP, said: "This bid has been several months in planning and a lot of hard work has gone into getting it right – it brings together dozens of companies with robust plans for growth.
"It is now crucial that we focus on the delivery of this ambitious programme, and we look forward to working with our partners, Government and local businesses.
"The Sheffield City Region LEP’s programme will demonstrate that a small amount of funding can unlock significantly more direct private sector investment – leading to growth and sustainable, private sector employment."
Despite making the shortlist, the bid from the LEP and partners to secure RGF funding for infrastructure around key employment sites has not been successful.
AESSEAL website
Redirack website
Sheffield City Region LEP website
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