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Wed June 19 2024

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JCB among construction winners of £950m regional growth fund grants

31 Oct 11 JCB is one of the construction companies to benefit from the grants awarded through the second round of the Government's £1.4 billion Regional Growth Fund (RGF).

Announced by Nick Clegg today, 119 bids from businesses and local partnerships were rewarded jwith £950m-worth of grants. Discussions are ongoing with a further 10 bidders about their projects.

The government said this will create or protect around 201,000 jobs, and more than 164,000 in the supply chain.

Another beneficiary was Sheffield Forgemasters, which had an £80m loan promised by Labour cancelled by the coalition government in 2010. The firm builds parts for nuclear power stations.

Deputy Prime Minister Nick Clegg said: "This targeted support for businesses across the country allows them to expand and create jobs. It unlocks private sector investment – with at least £5 put in for every £1 of public money. People in the rest of Britain have been let down for far too long by governments in thrall to one Square Mile of it.

"The first pot of Regional Growth Fund money is already making a difference across the country - helping to rebalance our economy so that every region and sector benefits."

The full list of successful second round bids is on the Department for Business website.

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