Region’s LEPs awarded £65m for infrastructure schemes

THE North West has secured more than £65m from the Government’s £500m Growing Places Fund to kickstart stalled investment projects.

The grants, from the Department for Communities and Local Government, will
will support projects creating jobs and growth, including commercial and residential developments as well as investments that support business growth.

Details of the £65m awarded to the North West via the area’s five Local Enterprise Partnerships (LEPs) were announced yesterday. Cumbria will receive £4.5m Lancashire £13.1m, Greater Manchester £25.3m, Liverpool city-region £13.2m and Cheshire & Warrington will receive £8.9m.

Mike Blackburn, chair of the GMLEP, said the Growing Places Fund would act as an ‘enabling fund’ to boost economic activity in the short term.

“This will be achieved by addressing immediate infrastructure and site constraints through the investment of funds into projects that are currently unable to access finance as a result of market failure or where constrained capital means investment is not currently possible.

“The fund will also be used to leverage all other possible sources of eligible finance, in addition to the private sector leverage, in order to minimise the necessary investment from the fund,” he added.

He added that the LEP board will discuss the fund at the next board meeting February 20 and said the money will be used alongside Regional Growth Fund cash and other public and private sector funding to maximise the number of new and sustainable jobs.

Liverpool’s LEP said that it would now begin to prioritise existing schemes which could benefit from the funding, as well as calling for applications from other developers who feel the funding could kick-start projects.

Robert Hough, chair designate of Liverpool City Region LEP said: “We warmly welcome this support from Government. The LEP has already undertaken extensive work to identify potential GPF applications in anticipation of today’s announcement – which reflects our determination to ensure that this funding is quickly allocated to schemes which will rapidly generate jobs and homes in the city region.”

In Cumbria, the LEP has yet to set out the parameters for how the funding will operate, but the Government has indicated that it should be targeted at schemes which show the greatest benefits in terms of delivering new jobs and houses.

Cllr Tony Markley, Cumbria County Council’s cabinet member for economic development, said: “This money will help kick-start local schemes which need that initial leg-up in terms of funding so that they can then go on and deliver jobs and economic growth.

“Through the Cumbria LEP, we will be looking for the best local schemes with a real chance of success. It may be a small business with big plans who can’t unlock the capital needed to make that first push.”

George Beveridge, interim chair of Cumbria’s LEP, said: “We’re delighted at the confirmation of this funding, which will provide a real boost to stalled developments within the county.

“This is a revolving fund, and in Cumbria we’ll be operating it on a challenge basis. Details of how to bid and dates for the first round of funding will be publicised shortly and will be available on our website.”

Housing minister Grant Shapps said: “The Growing Places Fund will unlock further sites for development, creating new jobs in those areas.

“I look forward to seeing how this significant investment will change the shape of communities across the country.”