BUSINESS leaders in Derbyshire have called on the Government to step up efforts to release cash which companies have successfully bid for.
The call by the Chamber of Commerce for Derbyshire comes after Deputy Prime Minister Nick Clegg started inviting bids for the latest round of Regional Growth Fund cash. It will make £200 million available to firms to expand and create jobs.
The Government has so far allocated £150 million from the first five rounds of the fund to support 25 projects and programmes across the East Midlands.
However, red tape and delays in releasing funding from previous bidding rounds means that nationally only £492 million of the £2.6 billion allocated via the RGF has so far actually reached the successful bidders.
George Cowcher, chief executive of the Chamber of Commerce for Derbyshire, said: "Although businesses will welcome the opportunity to bid for cash from a further round of the Regional Growth Fund, very real concerns remain about how easy it is for firms to access this money."
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