Growth funds released to support economic growth

Friday 19 October 2018

New Anglia LEP and Greater Peterborough Business Board have released Growth funds.

Cambridgeshire Peterborough Combined Authority
Growth Deals provide capital funding from the Government’s Local Growth Fund to local economies via Local Enterprise Partnerships (LEPs). LEPs then invest in local projects which help overcome strategic barriers to growth - from road improvements and incubator space, through to new skills facilities and space for innovation.

Between 2014 and 2016, the Greater Cambridge Greater Peterborough Local Enterprise Partnership successfully bid for three tranches of Local Growth Funding, via ‘Growth Deals’ with Government. The value of this programme is £146.7 million which must be spent between 2015 and 2021. Of this, around £98 million is committed to projects, leaving just under £50 million left to allocate.

Growth Deal is capital funding only, to be invested as loan or grant in projects or programmes which will have significant impact on growth in the LEP area.

All funding set out in the prospectus is available across the Greater Cambridge Greater Peterborough area - Cambridgeshire, Peterborough, Rutland, Kings Lynn West Norfolk, St Edmundsbury and Forest Heath (West Suffolk), North Hertfordshire, South Kesteven, South Holland and Uttlesford, Essex. This coverage may change subject to the outcome of Government’s review of Local Enterprise Partnerships.

The Business Board, as the new Local Enterprise Partnership for the Greater Cambridge Greater Peterborough area, will receive and consider new applications for funding which will be recommended to the Combined Authority for approval, contracting and monitoring.

Please see the Growth Funds Prospectus for more information.

Potential applicants to programmes within this Prospectus should email or call 01480 277180 in the first instance.

New Anglia Local Enterprise Partnership

New Anglia has also released a call for their Growth Funds which will deliver two capital projects:
• £10m for the Norwich Northern Distributor Road (NDR)
• £10m for Lowestoft flood alleviation works.

And, two programmes:
• Enterprise Zone Accelerator Fund – to accelerate development of our Enterprise Zones by investing in new buildings and infrastructure
• New Anglia’s Capital Growth Programme – to invest in projects to unlock additional growth around connectivity, unlocking growth and investment in skills.

Potential applicants to programmes within this Prospectus should email to request an application form. More information can be found here.

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