A HARTLEPOOL company has shared in a massive funding boost for the Tees Valley.
JDR Cables is one of only a handful of firms to clinch support under round 4 of the Regional Growth Fund.
The area secured £26.9m and JDR was one of only six Tees Valley winners. The Tees Valley award will create nearly 300 jobs and lever in private investment of £146.6m for the area, although a breakdown for each company has not yet been revealed.
JDR won support for schemes planned by JDR Cable Systems Limited and JDR Enterprises Limited which are both based at its Hartlepool site. Other Tees Valley winners included a growth programme planned by Tees Valley Unlimited under the Tees Valley Innovation and Skills Growth Hub.
Tees Valley Unlimited managing director Stephen Catchpole described it as “fantastic news for the area.” The latest round brings the total RGF money secured by Tees Valley to almost £164m.
Mr Catchpole added: “Today’s news further enhances our ability, in collaboration with our stakeholders and partners, to achieve our goals of expanding and diversifying our industrial base.
“It will also help to broaden the area’s business capabilities – all of which will help build the strong foundations needed for long-term economic sustainability and prosperity, job retention and creation.”
The North-East was awarded £48m for ten projects and programmes. The six approved in the Tees Valley attracted more than 60 percent of the RGF4 money allocated to the region.
Deputy Prime Minister Nick Clegg said 102 companies and projects had been successful in the most competitive round of the Fund so far.
Mr Clegg said: “There are more people in work today than ever before – since 2010 we have helped create 1.3 million jobs in the private sector. That’s what the Regional Growth Fund is all about – and I’m extremely proud to have found extra money to invest in projects across the country that have plans for the future and want to recruit local talent that will make their businesses better.”
Business Secretary Vince Cable said: “In tough economic times we need successful schemes such as the Regional Growth Fund which has been vital in stimulating private investment that would otherwise not have gone ahead.”