East Midlands Development Agency is receiving more than a third of a £64.4m fund which will be distributed around the country's nine regional development agencies (RDAs).
The money will be used over the next three years to support businesses throu
gh four 'innovation networks' in the region's key sectors of sustainable construction, food and drink, healthcare and bioscience and
transport.
Business secretary Lord Mandelson announced the funding at a press conference in London yesterday, where he highlighted Corby and the investment made in the town as a good example of the benefits the RDAs can bring to an area.
As part of the scheme businesses will benefit from advice, mentoring and grants to help make their ideas commercially viable and give them a competitive edge.
Speaking to the Evening Telegraph, Lord Mandelson said: "What do you associate Northamptonshire with? The high skill, high value business of shoe production. But is that the only thing? No. It is moving with the times.
"The East Midlands is leading the way in this enterprise in a way we want the other areas to follow.
"Corby is a very good example of how central government works with local government using the regional development agency as an indispensable channel to make sure investment and support for businesses is developed where it is most needed."
East Midlands regional minister and Corby and East Northamptonshire MP Phil Hope added: "£22m will be spent over three years providing advice, mentoring and grants around the four areas we have identified in the East Midlands.
"For example, there are a lot of food and drink companies in the Corby area who need support with research and development.
"I would hope that north Northamptonshire will be able to tap into this money."
EMDA chairman Bryan Jackson said he anticipated the scheme would also
bring in a further £20m of investment from the private sector.
