£25 million cash boost to help business grow

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A bid for £25 million to help South Yorkshire businesses has been approved by the Government.

The project, by Sheffield City Region Local Enterprise Partnership, which represents firms across the county, North Derbyshire and North Nottinghamshire, was approved cash from the Regional Growth Fund.

The decision was announced by Deputy Prime Minister and Sheffield Hallam MP Nick Clegg.

The LEP said the cash would ‘unlock’ an additional £105 million of private investment and create at least 1,800 new jobs.

Chris Scholey, a board member at the LEP, said: “This £25 million will top-up our ‘Unlocking Business Investment’ programme and enable business leaders to turn robust business plans into growth – which will boost the economy and create jobs.”

Mr Clegg said: “This news represents yet another major boost for our region. Thousands of new jobs will be created thanks to this investment.

“Through backing local businesses with the investment to expand and create new jobs, Liberal Democrats in Government are delivering a stronger economy for the people of Sheffield and South Yorkshire.”

In total, 102 companies and projects are to benefit with funding from a share of £506 million in the latest round of Regional Growth Fund grants.

Mr Clegg added: “There are more people in work today than ever before – since 2010 we have helped create 1.3 million jobs in the private sector.

“I’m extremely proud to have found extra money to invest in projects across the country that have plans for the future and want to recruit talent that will make their businesses better. The Regional Growth Fund is exactly what this country needs.”