Marches LEP launches £8m development fund
AN £8.1m fund to boost investment in Shropshire and Herefordshire has been launched by the Marches Local Enterprise Partnership.
The funding has been supplied by the Government’s Growing Places initiative and the LEP is inviting proposals for projects in Herefordshire, Shropshire and Telford & Wrekin which will help stimulate economic activity and deliver sustainable private sector jobs and housing.
The Marches LEP Development Fund will see successful projects given loans to address immediate infrastructure and site constraints, helping to get stalled schemes back on track.
Geoffrey Davies, chairman of the LEP, said: “The partnership is free to make decisions on which schemes will have the greatest impact locally, whether they address transport infrastructure, flood defence work, or a range of land and property projects which require help with capital costs.
“We are now inviting Expressions of Interest for the first round of loans from local authorities, the private sector and other potential applicants. Funding will be recycled to ensure sustained investment and growth in future years, with awards available to provide upfront capital for infrastructure schemes.”
All potential investments have to meet the strict criteria outlined in a Preliminary Project Assessment (PPA) in order to progress to the EoI stage. Funding will be provided in the form of a loan and will be subject to interest charges.
Dr Davies added: “Any scheme coming forward would need to demonstrate how it would stimulate sectors with a history of successful operation in the region, including seizing opportunities presented by rebalancing an economy which currently has 28% public sector employment.
“We would also want schemes which will create the conditions and infrastructure most needed to enable and accelerate rates of business growth. The latter includes projects which would maximise opportunities for new technologies such as ‘superfast’ broadband or bring forward land and premises fit for future business needs across the Marches.”
Expressions of Interest must be returned to the LEP no later than 5pm on May 2.
