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Thousands of Jobs could be created in the north east as the Government pledges to create or safeguard 100,000 positions by investing £450m in businesses across England.
The first round of the so-called Regional Growth Fund has seen 50 bids by companies and partnerships to promote economic growth and create new jobs given financial support.
Schemes supported include the construction of a manufacturing plant in Teesside.
27,000 jobs will be directly created or safeguarded across the country, with tens of thousands of others supported in associated supply chains.
Deputy Prime Minister Nick Clegg said: ``I was bowled over by the quality of the bids. This money will now help create and safeguard jobs in some of the communities worst hit by the economic downturn.
``Today is a step towards rebalancing our economy away from an unhealthy over-reliance on a small number of industries and a few areas. We need to spread opportunity across the whole country, drawing on our many talents. I know that with the right support these businesses can work with their communities and together play their part in leading the country back into prosperity.''
Business Secretary Vince Cable said: ``Supporting job creation in the regions is vital if we are to drive growth in our local communities.
``We have received a large number of ambitious and highly competitive bids to this first round of the Regional Growth Fund, which will help a number of businesses across the country to expand and create thousands of new jobs.
``The Regional Growth Fund is a competitive fund and we wanted to see proposals that created jobs in the private sector, in areas of deprivation and that is at risk of suffering from public sector cuts. I'm confident that the successful bids we have chosen will deliver on this.''
The rest of the Government's £1 billion fund will be allocated later following a second round of bids.