Core funding announced for LEPs
The Government has announced core funding of over £24million for Local Enterprise Partnerships (LEPs) to allow them to drive forward their growth priorities.
LEPs are central to the Government's approach to driving local economic growth and for ensuring that every community is able to fulfil its potential. This Government funding is expected to unlock up to £20million locally and will enable LEPs to deliver their local plans for growth.
An interim £5million funding package will be made available immediately for all LEPs to draw upon for the remainder of this financial year. This will be followed by up to £250,000 per LEP per year for the following two years. Where matched by funds locally the overall funding pot could equate up to £45million over this period.
The central government funding will be provided on a 50/50 basis by the Department for Business, Innovation and Skills (BIS) and the Department for Communities and Local Government (DCLG).
LEPs will be invited to bid for matched funding for 2013/14 and 2014/15, setting out how they would be able to offer a cash match from public or private resources.
There are 39 LEPs across England, including Derby, Derbyshire, Nottingham and Nottinghamshire; Greater Lincolnshire; Leicester and Leicestershire; Northamptonshire; and South East Midlands in the East Midlands. Each LEPs is made up of local businesses working in partnership with a combination of local authorities.
For further information on LEPs visit www.bis.gov.uk/policies/economic-development/leps.