The first successful project from the first round of the £1.4bn regional growth fund has received its cash.
Business secretary Vince Cable today revealed that the Plymouth University and Western Morning News Growth Fund has successfully completed due diligence.
The project will create jobs across the heart of the South West and the Cornwall and Scilly Isles local enterprise partnership regions by awarding grants to small businesses that have struggled to access finance through other means.
All 50 successful first round RGF bids, which will get a total of £450m between them, are subject to a due diligence process, which is expected to complete by August.
In a recent interview with Estates Gazette, chairman of the RGF advisory panel Michael Heseltine warned that speculative property developers need not apply to the fund.
He said: “Property development is not likely to meet our criteria of creating private-sector jobs in areas adversely affected by the cuts.”
Nick.whitten@estatesgazette.com
