Birmingham business spearheads £39m investment bid

By on 25/01/2011 in News

Bids for more than £39 million worth of investment in local projects, including improvements to the A45, transport infrastructure in Longbridge and funding for a Council-run finance and business loan scheme, have this week been submitted to Government.

The bids, made by Birmingham businesses in conjunction with the City Council and LEP, are to the Regional Growth Fund (RGF), a Government initiative will see up to £1.42 billion available over the next 3 years to help fund projects which 'remove barriers to private sector-led economic growth'.

During 'round one' of the RGF, which will include only bids submitted before 21st January 2011, an estimated £233 million will be available, with a decision on which have been successful expected around April.

Cllr Timothy Huxtable, Cabinet Member for Regeneration, said: “The projects we have put forward to the RGF clearly demonstrate the city's belief that only by working hand-in-hand with the private sector can we truly hope to achieve sustainable economic growth for all.

“Working closely with the private sector is an approach we have already embraced thanks to our development of initiatives such as the Big City Plan, and I believe through our active participation in the LEP and bids to RGF, will continue to do even more so into the future.”

As well as seeking investment toward the planned transport infrastructure improvements surrounding the extension of Birmingham Airport and regeneration of Longbridge, the Birmingham bids also include funding for the newly launched Finance Birmingham.

Providing direct access to financial support for small and medium sized enterprises in the city. Finance Birmingham will build on the existing Council-funded Birmingham Business Loan Fund, which has already lent more than £4 million to local businesses over the past 12 months alone.

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