LEPs share in £50m windfall to kickstart infrastructure projects
LOCAL Enterprise Partnerships across the West Midlands are to share in more than £50m of Government funding to help with key infrastructure projects.
The money has been awarded as part of the £500m Growing Places Fund, which is designed to kick-start local economies by stimulating stalled projects and in turn, creating new jobs.
The Greater Birmingham and Solihull LEP has been awarded more than £15m – the largest single settlement in the region.
The LEP said that while a final decision on which projects would receive funding has yet to be taken, it was in negotiations with local authorities and developers with a view to identifying potential schemes.
Work on the schemes has been earmarked to start in the spring and the LEP board has set a deadline of February 24 for applications to be received.
Examples of eligible projects include new infrastructure for development sites and access improvements to unlock the potential of new commercial space and homes.
The LEP said it would make the cash available through ‘revolving funds’ with money paid back by applicants and then re-invested into further schemes across the LEP area.
Paul Heaven, LEP board member and founder of Blue Sky Corporate Finance, led the case for the funding.
He said: “This is not about the GBSLEP undertaking development, rather it is about us working together in partnership with local authorities and developers to unlock the economic potential of key development sites.
“The key aspect of this work is having projects ready that can deliver quickly and deliver significant returns in terms of return on investment and the scale of growth.
“While we still have to complete the due diligence to determine which of the projects will receive the funding, we are confident not only will the successful schemes make a huge impact, crucially they will be able to start almost immediately.”
Dr Geoffrey Davies, chairman of The Marches LEP, said the £5.53m it had received – £100,000 more than provisionally allocated – would boost infrastructure projects in Herefordshire, Shropshire and Telford & Wrekin and create new jobs.
“Today’s announcement means that we can get on with the business of helping to revitalise stalled projects which will, in turn, create sustainable private sector employment.
“The LEP is currently in discussions about which projects should be prioritised locally, with the funding available to help with capital costs for schemes extending to land and property, transport, utilities, broadband and flood defences.”
The Coventry and Warwickshire LEP will receive £8.67m.
Denys Shortt, chair of the body, said: “It is slightly more than we expected and means we can invest even more in the local economy.
“The Coventry and Warwickshire Growing Places Fund give us the opportunity to invest in and kick-start developments that will generate jobs and growth.”
Cllr Alan Cockburn, Warwickshire County Council’s leader for Sustainable Communities and an LEP board member, added: “We have already started work on developing the processes which will deliver the Coventry and Warwickshire Growing Places Fund. The funding pot will be managed by the LEP and it will aim to recycle funding by making repayable investments in projects, and reinvesting when money is returned to the fund.”
The regional breakdown is:
Stoke and Staffordshire – £7,741,247
The Marches – Shropshire, Herefordshire,
Telford and Wrekin – £5,531,035
Black Country – £9,786,886
Worcestershire – £3,727,486
Coventry and Warwickshire – £8,671,398
Greater Birmingham and Solihull – £15,211,198
