Deputy Prime Minister Nick Clegg said the successful Regional Growth Fund (RGF) bids would help secure £2.8bn of private sector investment and create or safeguard 77,000 jobs.
It is the latest round of awards made under the £2.6bn scheme designed to create sustainable employment and rebalance the economy.
The round four pot was increased to £506m from the original £350m announced after money that had been previously allocated was changed or the bid was withdrawn.
Mr Clegg, who is visiting fund recipient Toyota in Derbyshire, said the Fund had helped create 1.3 million private sector jobs.
“The Regional Growth Fund is exactly what this country needs to go for growth,” he said.
He cited the family-run Cartright Group in Manchester who are not expanding to create 300 jobs and train up to 30 apprentices every year for the next three years.
Toyota will use the money to increase their ability to develop and produce new generations of crs in the UK, he added.
The first two rounds of the fund have created or safeguarded 32,000 jobs and led to £1.2bn of investment by the private sector, according to the RGF annual monitoring report.
Roger Salomone, head of business environment at EEF, which represents manufacturers, said: “The Regional Growth Fund has played a vital role unlocking a significant amount of private sector investment around the country, supporting businesses and promoting growth.
“The latest wave of investment is testament to the fund’s continued importance and the Government’s commitment to extend it to 2017 is particularly welcome.
“With significant new funding for organisations such as Local Enterprise Partnerships coming on-stream, we would like to see future regional growth funds focus on supporting business-led projects.”
Business Minister Michael Fallon will visit Cab Automotive in the West Midlands to announce its RGF award.
“The quality of applications was very high which is why we increased the pot to over £506m to accommodate even more projects and programmes which will bring sustainable private sector growth and jobs across the country,” he said.
“My focus has always been on delivery and the deadlines I introduced have helped speed up the awards process so that companies have more certainty to invest, hire and grow.
“We will now work with chosen bidders to quickly agree the terms of their offers and complete due diligence checks.”