Posted on August 3, 2016Category: News Tags: Business, Growth Deal, Infrastructure, Skills
The Humber LEP has submitted its bid for the next round of Government funding through the Growth Deal.
Under the Growth Deals round 3, England’s 39 Local Enterprise Partnerships are competing for a share of £1.8bn to support projects in their areas that boost local economic growth and create jobs. The money forms part of the Government’s £12bn Local Growth Fund.
After consideration of more than 35 projects submitted by partners and businesses in the Humber, a shortlist of 15 that most closely meet the multiple priorities in the Humber Strategic Economic Plan (SEP) to drive the economic growth of the Humber have been put forward in the bid.
The proposal totalling an ask of £49.5m Local Growth Fund (Growth Deal) money will help to unlock projects that will leverage £127.4m private sector investment and a further £73m public sector money as well as almost £10m of other money.
The projects include:
- £6.2m town centre developments in Hull and Grimsby
- £11m on business and innovation, including extension to Growing the Humber programme
- £3m skills capital to improve learning facilities
- £29.3m to invest in infrastructure and access to Humber Enterprise Zone sites
Lord Haskins, Chair of the Humber LEP, said:
“There has been a thorough process of identifying priority projects and we would like to thanks all of those involved in that and to all those who have submitted projects for consideration.
“The LEP aims, through the bid, to further capitalise on the region’s opportunities linked to the Estuary and build on the success of its other bids in round 1 and 2.
“We have an excellent track record on bidding in this national competitive process but with an increasingly oversubscribed funding pot we have to put forward as compelling case as possible to secure funds for the Humber.”
The Humber LEP secured £113m LGF in July 2014 to support Humber projects that contribute to a total local investment of £367m across 19 projects.
A further £9.9m was secured in January 2015 to develop 9 projects on both banks of the Humber, which coupled with the £37m local investment, amounts to just under £47m capital injection into the area.
LEP’s are expecting to hear the outcome of their bids in the autumn statement.