The Regional Growth Fund (RGF) is important both for strengthening the economy and creating a fairer society, according to deputy prime minister Nick Clegg.

Clegg made the comments as it was announced 8,000 businesses have now benefitted from the RGF since its introduction in 2010. He went on to highlight the impact the £1 billion of investment has had in supporting growing firms outside of London.

The spending has been spread across five rounds of funding, with the sixth scheduled for mid-2015. So far around 400 companies have been selected from across the UK – the North-East seeing the most investment with 94 companies receiving some form of financial support.

Business projects to receive funding include a laboratory in Cheshire working on developing drugs for the treatment of cancer.

Through a statement released by the Department for Business, Innovation and Skills (BIS) Clegg claimed the investment had helped to secure 100,000 jobs across the country.

“It is great news that the Regional Growth Fund has now reached the landmark of supporting its 8,000th company,” he said. “This innovative fund is helping companies to invest, expand and to create sustainable jobs in the local community.

“Rebalancing the economy and boosting regional growth has been a top priority for me in Government. It is a key part of building a stronger economy and fairer society.”

See also: How and why to apply for Regional Growth Fund finance