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Ministers call on North-East firms to bid for Regional Growth Funding cash
A GOVERNMENT flagship enterprise fund is offering new cash to support more businesses in the region.
The Regional Growth Fund (RGF) has helped North-East companies expand and create new jobs, and is now encouraging firms to submit bids of at least £1m in the latest round of funding.
Earlier this year, ten successful RGF bids from the North-East were pledged a combined £48 from the £500m on offer, with ministers saying they will create and safeguard 5,600 jobs and pull in £150m of private funding in the next ten years.
The bids included Darlington-based Air Fuel Synthesis, which aims to create synthetic petrol and diesel by extracting carbon dioxide from the air and hydrogen from water, and Hartlepool's JDR Cables, who says it will invest heavily in its factory to continue making subsea power cables.
However, ministers rejected a £4.65m bid from Durham Tees Valley Airport to create a business zone for aircraft recycling, firefighter training and freight services, leaving the future of the aviation base in doubt.
Applications for round five of RGF cash will start in October and companies have until December 9 to submit bids.
Michael Fallon, Business Minister, said: “The RGF is playing a pivotal role in supporting business and enterprise, and the next round will help keep the momentum going.
“Firms should start thinking now about the size and timing of their bid to help them expand and hire more skilled workers.”
For more information see gov.uk
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