Manufacturing industry urged to bid for extra £1 Billion growth funding
The funding is part of the Regional Growth Fund and takes the total fund to £2.4 billion. It will be available to businesses and public / private partnerships with ambitions to create new jobs and make a significant impact on their local economy.
Marine business such as Princess Yachts in Plymouth and a boatbuilding college in Portsmouth have already been successful in securing some of the funding.
Deputy Prime Minister Nick Clegg said:
"The Regional Growth Fund is already having a huge impact across the UK. So far there have been over 170 successful bids to the fund, leveraging around £7.5 billion of private sector investment and set to create and protect 330,000 jobs. I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward - making sure their hats are in the ring.
"Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who'll use the money to develop a new range of carbon-cutting tyres; to a Portsmouth based company which hopes to use theirs to create a cutting edge boat building college."
For more information on the criteria of the fund and how to bid, please visit http://www.bis.gov.uk/rgf
The deadline for bids is 13 June 2012.
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