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Saturday, 23 August 2014

Cumbrian firms invited to bid for Regional Growth Fund cash

Businesses in Cumbria are being invited to apply for the latest tranche of cash to be released from the Government’s Regional Growth Fund.

Pirelli in Carlisle, Pentagon Chemicals in Workington and James Cropper at Burneside, Kendal, have all received money from the £2.6 billion fund in previous bidding rounds.

The fund operates across England from 2011 to 2016 and forms a central plank of the Government’s strategy to regenerate the regions.

It supports projects and programmes that lever private investment to create jobs and economic growth.

The first three rounds will trigger £13bn of private sector investment that should create or safeguard 500,000 jobs. So far 180 projects are underway.

An additional £350 million for round four was announced in the 2012 Autumn Statement.

The minimum threshold for bids is £1m and the deadline for bids is March 20.

Would-be applicants can find out more at regional expressions-of-interest events in Manchester, on January 31, or at Gateshead, on February 20.

Carlisle MP John Stevenson hopes that businesses in his constituency will follow Pirelli’s example and apply.

Pirelli is investing £9m to increase production at its Carlisle tyre factory, topped up by £2m from the Regional Growth Fund. Much of the factory’s output of high-performance and sports-utility-vehicle tyres is exported.

For more details visit www.gov.uk/understanding-the-regional-growth-fund.

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