After the decision of cutting the funding for three projects in the city, the business leaders in Sheffield are planning to arrange some urgent meetings with the coalition Government.

A £80m loan granted for the engineering firm Sheffield Forgemasters and another £13m redevelopment loan for the former Outokumpu steelworks site were cancelled on Thursday. Also, £12m of funding for the Sevenstone retail development, also collapsed.

It was informed by Sheffield Chamber of Commerce that it has urged the ministers to hold a meeting for describing the day they term as "Black Thursday".

The chamber is the representing body of 2,500 organizations across the city and it wants to discuss the matter with the Government in order to "to ensure that at this critical time Sheffield's voice is being heard".

Nigel Tomlinson, Chief Executive, Sheffield Chamber of Commerce said that the pulling off of the three loans is a concerning issue for the Sheffield including the manufacturing and retail sectors.

He added that the organizations are in contact with the Government and shall be communicating with local MPs so that the "extent of these cuts" can be measures.

Sheffield's economy requires a foundation in a strong, export-led manufacturing base and also it needs backing in the rising and imaginative environment.