A FURTHER £1billion is being offered by the Government in the next phase of the Regional Growth Funds – and Plymouth City Council is reminding firms they can claim a share of it.

The Department for Business Innovation and Skills originally announced £1.4billion would be available through this fund which aims to "create the conditions for growth and enterprise in the regions by stimulating investment and create substantial private sector jobs."

But now the department has increased the pot available by a further £1billion.

Plymouth businesses are being encouraged, by the council, to follow in the footsteps of city companies and organisations that have already successfully been awarded funding.

In Round 1, Plymouth University, with The Herald's sister paper the Western Morning News, secured funding.

In Round 2, Plymouth's Princess Yachts International secured funds for its boat-building facility at the South Yard, in Devonport Dockyard.

The RGF has two objectives:

To encourage private sector enterprise by providing support for projects with significant potential for economic growth and create additional sustainable private sector employment.

To support, in particular, those areas and communities currently dependent on the public sector make the transition to sustainable private sector led growth and prosperity.

The council's Cabinet Member for Planning, Strategic Housing and Economic Development Cllr Ted Fry, said: "This is a significant amount of additional money being now made available and we would encourage businesses to consider this and talk to one of our officers.

"Companies here have had some success in earlier rounds and this could be an avenue of funding that opens the door to a new future."

Bids still need to be private sector-led or have strong private sector influence, and the minimum that can be applied for is £1million.

Round 3 has not been formally opened and the exact criteria not yet announced, the city council said, but it is expected that it will open in early 2012.

Further information about Round 1 and Round 2 successful projects can be found on the BIS website at www.bis.gov.uk/RGF the council said.

Businesses interested in this programme and who want to discuss further should contact the Economic Development Team at Plymouth City Council on 01752 304885 or email Jeffery.Kenyon@plymouth.gov.uk.