If secured, the money would help 14 transport schemes including new bus services and cycle routes as well as supporting businesses in the area to export more of their goods and services overseas.
The money would also help build five new units on the Sheffield City Region Local Enterprise Zone and contribute to the cost of building the new rail engineering academy in Doncaster.
James Newman, chairman of the Sheffield City Region Local Enterprise Partnership (LEP) which brings councils and business together to grow the area’s economy, said: “I hope Government will take notice and devolve the funding and powers we need to make these important projects a reality.”
The LEP is hoping to secure the money from the next round of the Government’s Local Growth Fund. Yorkshire secured more than £1 billion from the first round earlier this year.
Sheffield City Region Combined Authority chairman Sir Steve Houghton said: “This additional funding will enable us to further develop major skills, transport and infrastructure programmes.”