The third round of funding from the Regional Growth Fund is set to top £1 billion with an additional £6 billion of private sector investment.
Deputy Prime Minister Nick Clegg announced the round, which is set to help 130 projects and create/safeguard thousands of jobs in London, Manchester, Birmingham and other cities across the country.
The investment will help manufacturing firms, small businesses and local partnerships across England to expand their operations, create new jobs and, above all, to stimulate growth in the economy, cites egovmonitor.com.
The third round is expected to create and safeguard more than 240,000 jobs over the long term, which comes in addition to the 300,000 jobs that are being created from rounds one and two.
Clegg commented on the funding to freshbusinessthinking.com: “This £1 billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.
“In tough economic times the Regional Growth Fund is good value for taxpayers’ money – this £1 billion round of the fund is pulling in £6 billion of private sector investment. The Regional Growth Fund is working, on track and supporting businesses to create jobs and grow the economy,” he added.