Regional Growth Fund gives welcome boost to Paignton

The Coalition Government has announced the first group of companies and partnerships that have successfully bid for investments from the Regional Growth Fund, with South Devon College receiving the go ahead for their new Energy Centre. The plans will create more than 100,000 jobs across England, with potentially hundreds for Torbay.

The Regional Growth Fund was set up to stimulate and support jobs, growth and enterprise in the private sector. The first round sees £450m going to 50 companies and partnerships who demonstrated how they would create jobs and support sustainable local and regional economic growth.

The second round of bidding for the remainder of the £1.4bn Regional Growth Fund opens on 12 April 2011.

South Devon College’s bid for its Energy Centre was one of only 4 in the South West to win funding, with other bids being successful in Gloucester, Bristol and Plymouth.  You can find more details about the centre here: http://www.southdevon.ac.uk/about-us/facilities/energy-centre

Torbay MP Adrian Sanders said:

“The extra money in South Devon will create hundreds of jobs and is a very welcome boost to our local economy.

“It shows this Government is committed to promoting growth in the South West in contrast to Labour’s high-risk and discredited strategy of relying on bankers in the City of London.

“I will be working with local businesses to ensure the second round of investment will create further jobs for Torbay and boost our local economy.”