SI hails RGF grant as Clegg launches fourth round of funding
DEPUTY Prime Minister Nick Clegg is to launch a new round of the Regional Growth Fund during visits to two Yorkshire companies today.
Mr Clegg will visit Leeds-based Surgical Innovations and Cummins Turbo Technology, of Huddersfield, as he announces that £350m is being made available from the government pot.
Both companies have secured funds from RGF in previous rounds of bidding.
Medical device designer and manufacturer Surgical Innovations, which today said it had received a letter formally signing off the RGF cash, said it would use the grant to develop a state of the art research and development facility and clinical training centre in Leeds.
The centre is expected to create more than 300 jobs in the Leeds City region over the next 12 years.
As part of the agreement SI will commit to £8.7m in capital investment by the end of 2015.
Graham Bowland, chief executive of Surgical Innovations, said: “We are delighted to announce that SI have signed the Regional Growth Fund document. It will allow SI’s profile to grow internationally, deliver sustainable jobs and achieve future growth for the Company and the Leeds City Region through establishment of the Leeds Medical Technology Park.”
Mr Clegg said: “Surgical Innovations in Leeds secured £5.05m of the fund which will see the firm catalysing a health technologies hub for the city and create hundreds of jobs.
“Cummins Turbo Technology in Huddersfield is able to push ahead with a cutting edge project that will make them leaders in turbo-charging technology.
“Just like in Yorkshire, local economies across the country are seeing the direct benefits of this funding through new jobs and additional investment. That is what the Regional Growth Fund is all about.”
Mr Clegg claimed that RGF had helped 180 projects – 89% of those that have secured money from the initiative – to get started and said successful bids in the fourth round would come from those who could demonstrate economic and job growth, as well as attract match-funding from the private sector.
In Yorkshire, RGF has provided £264m to 40 projects, matched by £1.433m private funding.
He added: “The Regional Growth Fund is already proving a shrewd investment by providing a welcome boost to jobs and growth across the country, with thousands of jobs created, businesses expanding into new markets and manufacturing new products.
“With this next round of funding, I would urge England’s budding businesses to produce top quality bids to access the money that can help them grow.”
Applications to the fourth round of RGF will close on March 20.
