The latest round of the Regional Growth Fund has seen £300 million freed up to support British SMEs with growth efforts.

Set up to create ‘sustainable employment and growth in a wide range of sectors across the country’ in 2010, the fund has now awarded in excess of £1 billion to programmes offering funding to small and medium sized businesses across the country.

According to the government, the £300 million being awarded after due diligence will leverage a further £1.9 billion of additional private sector investment.

One of the new recipients is cooker manufacturer Glen Dimplex, which is in line to bank £3 million to expand.

Deputy prime minister Nick Clegg says, ‘We’re seeing very encouraging signs that the British economy is on the road to recovery.

‘The Regional Growth fund gives businesses a helping hand from government to fuel business expansion and create sustainable employment.’

More on the Regional Growth Fund:

• Growth fund investment delivery speed attacked
• Regional Growth Fund – Just a smokescreen for more cuts?
• Please sir, can I have some more?

Back in February, GrowthBusiness had a more in-depth look at what is needed to secure Regional Growth Fund capital and spoke with Diamond Hard Surfaces CEO Chris Walker.

Commenting then, Walker said, ‘It was very straight forward, we received an application pack that contained guidance notes and also the expression of interest form.

‘We submitted this and were then invited to submit a full application, which involved a presentation to an external appraisal panel made up of industry members. This panel then decided that we should be awarded the grant.’

Business secretary Vince Cable adds, ‘Our industrial strategy is creating stable foundations for a sustainable, long-term recovery in which opportunity and growth is fairly spread across the country.

‘The Regional Growth Fund will help increase our exports, expand our capacity for innovation and drive up the quality and range of our skills base and supply chain.’