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An additional £1bn is being made available to businesses from today through the third round of the government's Regional Growth Fund (RGF). Deputy Prime Minister Nick Clegg is set to make the announcement at the government’s National Manufacturing Summit, being held at the Bristol & Bath Science Park.

The cash is in addition to the £1.4bn that has already been allocated through the first two phases.

Clegg is also set to confirm that 48 of the successful businesses the first two rounds of the fund have now received funding after legal checks were completed.

"The Regional Growth Fund is already having a huge impact across the UK," said Clegg. "So far there have been over 170 successful bids to the fund, leveraging around £7.5bn of private sector investment and set to create and protect 330,000 jobs.

"I want to see more businesses that are confident they can create jobs and get Britain building and making things again, coming forward – making sure their hats are in the ring."

Ahead of the summit, Clegg will visit previous RGF cash success GKN Aerospace in Bristol to open the company's £150m advanced composites centre. He will be joined by business secretary Vince Cable at the launch, which is set to create 250 jobs once it is operating at full capacity.

The new centre will build the 27 metre-long Airbus A350 wing.

Bonnie Dean, chief executive of the Bristol & Bath Science Park said: "As a Science City, Bristol has been recognised for the quality and diversity of its science and research base.

"Today’s national conference showcases the region’s strengths by focusing on the South West’s businesses who have taken considerable commercial risk to turn original research into sophisticated manufactured products sold nationally and exported internationally."

After the RGF announcement in Bristol, the government will host a series of road shows to give potential bidders the opportunity to find out more about the RGF and get advice on their proposals. The first series of road shows will begin at Birmingham on 16 March, followed by York on 20 March and Gateshead on 22 March.

The objectives for the third round will be the same as the previous two rounds, with the focus on projects that can create new jobs, are based in areas overly dependent on the public sector and have significant private investment in place. The deadline for bids to the third round of the fund is 13 June 2012.

Clegg said: "Funding from rounds one and two has gone to some extraordinarily promising manufacturing projects. From Pirelli Tyres in Carlisle who'll use the money to develop a new range of carbon-cutting tyres; to a Portsmouth based company which hopes to use theirs to create a cutting edge boat building college.

"These are the kinds of projects that will lead their communities into brighter times, helping put industry at the heart of the UK’s economy. Businesses have until June to apply for a share of this extra £1bn."