LEP to release final round of European funding before Brexit
An East Midlands Local Enterprise Partnership is gearing up to release the final round of EU cash before Brexit.
Leicester and Leicestershire Enterprise Partnership (LLEP) will release its final European Regional Development Funding (ERDF) calls in July.
Since 2015, the LLEP says it has invested approximately £47.3m in local businesses.
Major ERDF-funded projects have seen capital investments such as the University of Leicester’s Innovation Hub and Market Harborough’s grow-on space building take shape. The total amount of ERDF committed by the LLEP was £5.84m. However, says the LEP, these investments unlocked a further £6.65m, bringing the total across the two projects to almost £12.5m.
As well as these major projects, the LEP says the ERDF has supported SMEs to invest and grow by funding a range of business support initiatives. ERDF funding allowed Desford-based engineering company MJ Products to invest £25,000 in an innovative new lifting system. The investment has increased the output of the company and improved health and safety by eliminating the need for manual handling.
Mandip Rai is the LLEP chief executive and chair of the ESIF committee. He said: “ERDF funding is an extremely important local resource to support businesses to start-up and grow. The fund is targeted at improving access to finance, supporting business to adopt new technology and invest in much needed commercial space. The investment will deliver hundreds of new jobs as well as improve the performance of businesses across the area.
“With these final calls, the LLEP is encouraging further innovative proposals to be put forward to drive economic growth in Leicester and Leicestershire”.
Kevin Harris is chair of the LLEP Board and president of the East Midlands Chamber of Commerce. He said: “I’m very proud that the LLEP has had such great success in targeting ERDF investment in Leicester and Leicestershire, and excited to see the proposals for this final wave of funding.
“By working with external delivery organisations that have sector-specific expertise, the LLEP can ensure that these funds are invested where they are needed most, to reap the greatest benefit for our region.
“We want Leicester and Leicestershire to become national hubs for investment in areas such as low carbon technology, and these funding calls are a big part of that ambition.”
