400 bid for £1bn business funding

More than 400 applications have been made to a £1 billion Government fund aimed at boosting economic growth and creating jobs.

The third round of the Regional Growth Fund has closed, after the first two rounds led to the creation or protection of more than 300,000 jobs.

Deputy Prime Minister Nick Clegg said: "The Regional Growth Fund is already helping companies across the country grow their businesses and create jobs that last.

"£1.4 billion has already been allocated to 176 businesses, which are expected to create and protect up to 328,000 jobs. So far 96 of these businesses have started accessing their funding, and many have started their projects while they wait for a final offer.

"This third round will continue to create jobs by unlocking private sector investment, letting businesses in Britain thrive. There has been a fantastic response from businesses bidding for a share of the extra £1 billion funding. I look forward to announcing which projects will benefit."

The Regional Growth Fund is a £2.4 billion fund designed to support businesses with projects that will create jobs in areas dependent on the public sector.