New growth business fund

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Deputy Prime Minister Nick Clegg last week announced that the bidding process for the fifth round of the Regional Growth Fund (RGF) will open in October.

Round five will focus entirely on private enterprise proposals with high quality projects that can generate significant private sector investment and create sustainable jobs.

George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: “The Chamber welcomes this latest allocation of RGF money and looks forward to seeing further details of how local businesses can benefit when the bidding round opens in October.

“Over the previous four rounds of the RGF, the East Midlands has secured £160m for 27 projects which have the potential to create 41,000 new jobs, so we have done quite well as a region so far. Funding from round five will be geared towards private sector enterprise rather than the mixed public/private sector schemes the previous rounds have supported.”