Lord Michael Heseltine will today be meeting businesses who are thinking about applying for money from Round five of the Regional Growth Fund.
The roadshow is taking place at Loughborough University. The fund is expected to create and safeguard 41,000 jobs in the East Midlands.
Nick Clegg has arrived at Molecular Profiles in Nottingham on a visit to promote the Government's Regional Growth Fund (RGF).
The RGF is a £2.6m fund to boost economic growth and create private sector jobs. Yesterday, the Chancellor George Osborne announced an additional £350m for the scheme in his Autumn Statement.
27 new businesses and 3000 new jobs are to be created in Derby by 2020.
The announcement is part of a £40 million programme by Derby City Council which is being backed by the government's Regional Growth Fund.
The money will be used in the aerospace, rail and automotive supply chains for various projects.
The Regional Growth Fund resources were allocated to Derby last October and these funds are used to support businesses to grow.
Vince Cable MP, Business Secretary, said: "We need growth that is more evenly balanced across the country. This is why we are supporting manufacturing centres like Derby through the Regional Growth Fund."