28 March 2016

In light of the Communities Secretary Greg Clark's announcement on Tuesday 22 March 2016, which confirmed that £1.8 billion of Local Growth Funds will be made available to Local Enterprise Partnerships (LEPS), I wanted to highlight what this means for the Coast to Capital region.

The new round of funding will enable England's 39 LEPs to apply for a share of that pot to support projects in their region that will boost the local economy, bring in private sector funding and create jobs.

 

It is likely to be a highly competitive process, with a focus on high-quality schemes that leverage funding from other sources to deliver economic growth. Ministers are interested in larger projects including those which cover more than one LEP area or address strategic priorities.

 

Under our existing Growth Deals, Coast to Capital has received £240 million to invest in a range of projects and we are currently delivering a portfolio of 53 projects across the region.

 

Coast to Capital has already launched a call for growth projects with a deadline of 31st March 2016. However in light of the latest announcement, I want to extend this to Friday 29th April in order to give you as much time as possible to work on developing bids which are as innovative as possible and which will put us in the best possible position to win funds in a national competitive process.

Growth Deal Statement

With this in mind, I wanted to re-iterate the kind of projects that we are looking to fund:

 

  • We want to deliver bigger projects with significant strategic benefits. You should cast the strategic case for your projects to show how investment will benefit a wider region
  • Involvement of the private sector to ensure innovation is key in development and delivery of the bid
  • We know from existing LGF rounds that benefits are maximised when business is involved in scoping and delivering a project
  • Engaging our SEP priorities and addressing the biggest challenges facing the region: housing, regeneration, skills and infrastructure
  • Building on proven ability to deliver.

For more information please refer to our website http://www.coast2capital.org.uk/growth-deal.

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