The first three rounds of Growth Deals saw Coast to Capital secure an allocation of £292m from 2015-2021 to invest in capital projects or as allocations of funding to run as competitive rounds. All new projects funded from the Growth Deal are expected to contribute towards the Coast to Capital Gatwick 360 Strategic Economic Plan (SEP), the Coast to Capital Business Plan 19/20, in order to deliver economic outputs and growth.
Coast to Capital is launching a new ‘call for projects’ that will be funded from our remaining unallocated Growth Deal funding. This will specifically target projects that contribute towards the Coast to Capital Gatwick 360 Strategic Economic Plan (SEP); to deliver economic outputs as detailed within the 8 priorities SEP, or to support medium term delivery of our Strategy.
8 Strategic Priorities;
- Priority 1: Deliver Prosperous Urban Centres
- Priority 2: Develop Business Infrastructure and Support
- Priority 3: Invest in SustainableGrowth
- Priority 4: Create Skills for the Future
- Priority 5: Pioneer Innovation in Core Strengths
- Priority 6: Promote better transportand Mobility
- Priority 7: Improve digital network capability
- Priority 8: Build a strong National and International profile
The minimum funding that can be applied for is £500,000 and the maximum is £2,000,000. All projects will need to be at least 50% match funded. Matched funding must be at least the required percentage of the total project costs.
The Local Growth Funding for this call must be fully spent before 31st December 2020, and all applicants will have to demonstrate capital expenditure within both 2019/20 and 2020/21 financial years.
As with previous rounds, the Local Growth Fund can only be used to fund capital expenditure as per the CIPFA guidelines. Match funding can be used for revenue expenditure if required, but projects which are entirely revenue expenditure cannot be considered. Projects will also need to provide robust evidence of State Aid compliance.