More than 70 universities and colleges have won a share of £27 million of Government funding to help graduates find work.It will go towards a range of projects bid for by institutions, including more than 2,000 internships and work placements for new graduates.The money will also provide short targeted courses, vouchers for the unemployed to help find work and initiatives for business including placements of graduates with research expertise to support new product and process design.The institutions will match the Government money with their own backing as part of the £50 million Economic Challenge Investment Fund. It is hoped the match-funding scheme will help offer practical help to 50,000 people and 11,700 businesses into work during the recession.The biggest awards announced by the Higher Education Funding Council for England (HEFCE) and Department for Innovation, Universities and Skills (DIUS) are the University of Cumbria (£1m), Aston University (almost £1m), University of Derby (almost £1m), Sheffield Hallam University (£800,000), University of Sunderland (£707,000) and Newcastle University (£488,000). Minister of State for Higher Education, David Lammy said: “Universities are clearly showing that they can provide a lifeline in these challenging times by offering targeted short courses to adults who have lost their jobs, by connecting small businesses to graduates and university expertise, and by offering graduates the skills and opportunities to set up their own business. "It is particularly encouraging to see that over 2,000 internships and work placements with universities and local businesses have been approved, which will be an important part of the Government's proposals to increase the numbers available to students graduating this summer."Sir Alan Langlands, HEFCE's Chief Executive, added: "This shows that higher education can respond swiftly to the needs of the local communities it serves. We set universities and colleges a tough task, giving them just four weeks to develop and submit their proposals, but they responded with enthusiasm and imagination, with 120 bids in total to the Economic Challenge Investment Fund."Though the focus is on rapid action and short-term help, universities are also looking to the future and how to help people and businesses succeed when economic recovery gathers pace. Preparing people for the professional skills that will be in demand in the future and supporting development in potential economic growth sectors, such as low-carbon technologies, are key features of a number of the bids.