North West tops list for latest Regional Growth Fund applications

Over 400 applications have been made, totalling £2.6 billion, though £1bn is available in this tranche. Bids for this round will be assessed by an independent advisory panel over the summer, with panel delivering its recommendations to a ministerial group, led by deputy PM Nick Clegg. The final decision on recipients will be announced in the autumn. There was a strong regional spread of applications, with the highest number of bids coming from the North West. Businesses in the West Midlands bid for £410m, 15% of the funding total – the highest percentage of all the regions. Rounds one and two have seen £1.4 billion allocated to 176 businesses, 96 of which have started accessing their funding. Business minister Mark Prisk said: "The high number of applications for round three of the Regional Growth Fund is really encouraging. Despite the uncertainty in the financial markets concerning the eurozone, the Regional Growth Fund has still recorded over 400 bids from a wide range of projects." Previous RGF recipients include Bridon International. The Newcastle-based manufacturer was awarded £2m towards a £30m project, which will create 188 jobs. Bridon is developing a new factory to make high-tech, multi-strand ropes for the oil and gas and mining sectors. Accrol Papers, a soft-tissue converter, was awarded £1.4m to extend its production facilities in Blackburn, creating 100 new jobs.