Locations all over Britain are holding their breath as the government decides where to place the headquarters of the newly created Green Bank.

The bank has been the subject of fierce competition from places up and down the country as towns vie to win control of the green market.

The new bank will mean the creation of around 80 jobs but the main draw for those who have bid to be hosts is the opportunity to win more business from green firms.

The green bank will have access to up to £3 billion provided by the government to hand out loans to eco-friendly companies, which could mean far more business for the successful region. Over 32 different towns have offered to host the headquarters, many of which come from the north east of the country.

However, although the government has high hopes for the implementation of the green bank, critics have pointed to its inability to borrow money as a fundamental flaw in the scheme. Those opposed have said that without the facility to generate more money the green bank will be no more than an ever-dwindling pot of money which will soon evaporate, rather than the dynamic force that supporters envisage.

And despite the support for green companies, not everyone will be eligible for funding. The government has stipulated that the loans can only be provided to businesses centred on energy efficiency, waste-to-energy plants as well as offshore wind and renewable energy projects. Eco-firms who focus on alternative offerings, such as electric cars, are not eligible for inclusion.

Some of the areas bidding for the bank include Renfrewshire and Edinburgh in Scotland, Cardiff in Wales, as well as Torbay, Brighton, Milton Keynes, Sheffield, Hull, Birmingham, Leicester, Liverpool and Manchester. The government will announce the successful bid in the coming weeks.