Coventry and Warwks funding stream over-subscribed 14 times says LEP
A NEW plan to create jobs and economic growth has been massively oversubscribed by businesses, local authorities and universities in Coventry and Warwickshire.
The second wave of £4.8m of funding from the Growing Places fund was announced last month by the Coventry and Warwickshire Local Enterprise Partnership as part of the Government’s initiative to encourage investment in the sub-region through the allocation of loans or grants.
The LEP said there had been an overwhelming response to the funding opportunities with 55 businesses, six local authorities, the University of Warwick and Coventry University all submitting applications.
The flood of applications means the funding has been oversubscribed 14 times.
A total of £67m has been requested in funding from Growing Places – £40m in grant applications and £27m through loans – for capital funding for new premises, expansion or infrastructure, new equipment and products, and research and development to be matched by the applicant’s own resources.
Martin Yardley, chief executive of the Coventry and Warwickshire LEP, said this indicated the high level of ambition across the sub-region.
“There has been an unprecedented demand for this second round of Growing Places funding with huge interest being shown,” he said.
“The £67m which has been requested would lead to an additional £248m of investment in the sub-region, creating several thousands of jobs. The next stage now is to assess the applications from the 63 interested parties and each will be assessed on various criteria.”
Bids receiving priority will be those creating sustainable jobs, followed by those within one of the LEPs priority sectors: intelligent mobility, advanced engineering, low carbon vehicles or digital technologies.
Mr Yardley said the LEP would use the amount of applications to bid for more funding from the Government.
The full applications will be evaluated in early March and recommendations will be announced in the middle of next month before contracts are signed with the successful projects at the end of April.
