Round six of RGF opens for Yorkshire and Humber businesses
BUSINESSES in Yorkshire and the Humber can bid for a share of the £200m Regional Growth Fund (RGF) as round six is launched.
The Government is investing £280m from the first five rounds of the Regional Growth Fund in Yorkshire and Humberside, which is supporting 51 projects and programmes across the region, to create and safeguard thousands of jobs and stimulate £1.7bn of private sector investment.
It has also been announced that a £7m grant has been awarded to the Advanced Manufacturing Research Centre (AMRC) in Sheffield for research into large titanium parts in aircraft. The latest investment from the £2bn Aerospace Technology Institute (ATI) will ensure that the UK is at the forefront of cutting-edge research and development for the next generation of aircraft.
Deputy prime minister Nick Clegg said: “The Regional Growth Fund is a helping hand from Government to create thousands of jobs that last, boost the private sector and rebalance the economy.
“I’ve seen first-hand at Really Useful Products in Wakefield how the fund is supporting businesses that are working hard to fuel our recovery and help us build a stronger economy.
“I would encourage any businesses that can generate significant private sector investment and sustainable jobs to bid for a share of the £200m available from the fund.”
Round six will be open to private sector bidders seeking £1m or more. The Government is calling on companies to plan high-quality projects that will generate significant private sector investment and sustainable jobs. Businesses will be able to submit their bids until noon on September 30 2014.
Companies in Yorkshire and the Humber that have already had support from the RGF include Really Useful Products in Wakefield, which was granted £1m from the RGF to invest in new machinery, tooling, IT and create 175 additional new local jobs over a seven-year period as well as safeguard those within the supply chain. So far 36 jobs have been created because of this investment.
Neil Ashton, Really Useful Products’ finance director, said: “The £1m RGF award was a significant factor in giving the company the confidence to undertake this investment which will lead to the development of the world’s largest range of transparent stacking storage solutions.”
Magnomatics, a University of Sheffield spin-out company which specialises in the development of green technologies, was awarded £1.1m through RGF to help the company create 46 new jobs and develop its innovative products for use in electric vehicles, trains and ships around the world.
To help bidders on their applications, road shows and expression of interest days will be held throughout the country from today to provide advice on how to make a successful bid. On July 8 an event will be held at the Keepmoat Stadium, Doncaster.
Business secretary, Vince Cable, said: “The Regional Growth Fund is a fundamental part of our efforts to boost manufacturing and rebalance the economy, helping to create new jobs in Yorkshire and Humberside. Round six is now open for applications and I urge businesses to see how it can help them to increase their workforce or expand to new markets.”
Business minister Michael Fallon added: “Through the Regional Growth Fund, we are investing £280 million in Yorkshire and Humberside, which will help growing businesses create long-term, highly skilled jobs.”
