North East bids for 32m from RGF
Thu, 16th October 2014

North East bids for £32m from RGF

Companies in the North East are seeking £32m of funding from the sixth round of the government's flagship economic stimulus the Regional Growth Fund (RGF).

The latest round closed at the end of September and six bids have now been received from the region for £32m of support.

Nationally, 174 bids seeking £800m of cash have been made.

Round six is open to private sector bidders looking for £1m or more and has £200m of investment available to businesses.

This news came as justice minister Simon Hughes visited Chemoxy International to see progress first-hand of the company's £6m expansion project at its site in Billingham.

Chemoxy International - which manufactures a range of chemicals, including environmentally friendly, low emission latex paint additives – was awarded £1.5m through the government's RGF.

The investment is enabling the business to safeguard 30 jobs and create 15 more in Stockton.

category North East  |  source Insider Media