An extra £1 billion is now available for businesses seeking support, and takes total funds allocated to £2.4 billion.

The capital is open to both businesses and public/private partnerships ‘with ambitions to create new jobs and make a significant impact on their local economy’.

Clegg comments, ‘The Regional Growth Fund is already having a huge impact across the UK. So far there have been over 170 successful bids to the fund, leveraging around £7.5 billion of private sector investment and set to create and protect 330,000 jobs.

‘I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward – making sure their hats are in the ring.’

The government is also set to confirm that 48 of the successful companies from the first two rounds of the fund have completed legal checks and will now have access to the government capital.

The fund’s first round (£450 million) closed in January 2011 with 50 successful bids. The second round of the fund closed in July when £950 million was made available to UK businesses.

Applications for the latest round close on 13 June 2012, a date which will be preceded by a series of road shows taking place across the UK to give potential bidders an opportunity to find out more about the fund. The first show will be in Birmingham on 16 March.

Business secretary Vince Cable adds, ‘We cannot be complacent. The additional £1 billion in the fund will help us maintain momentum around supporting even more businesses and encouraging the creation of new jobs.

‘Many of the successful projects from rounds one and two were manufacturers and the sector remains one of our national success stories. Manufacturing lies right at the heart of the government’s strategy for economic recovery and growth.’