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Vince Cable, Business Secretary
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Government has announced an extra £1 billion for businesses seeking support at the National Manufacturing Summit.
The funding is part of the Regional Growth Fund and takes the total 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.
Deputy Prime Minister Nick Clegg made the announcement at the Government’s National Manufacturing Summit at the Bristol & Bath Science Park.
He also confirmed that 48 of the successful firms from the first two rounds of the fund have completed their legal checks and have access to the Government fund. Speaking ahead of the summit, he said;
“The 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.
“These are the kinds of projects that will lead their communities into brighter times, helping put industry at the heart of the UK’s economy. Businesses have until June to apply for a share of this extra £1 billion.”
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