Out-Law News 1 min. read
18 Sep 2012, 3:19 pm
The funding will comprise an interim £5m package which will be made available immediately and for the rest of this financial year. For the next two financial years, up to £250,000 will be made available per LEP per year. LEPs will be required to source matching funding of equal value to take advantage of the Government funding.
The funding will be provided on a 50/50 basis by the Department for Business, Innovation and Skills (BIS) and the Department for Communities and Local Government (DCLG).
"Today's £25million boost will give Local Enterprise Partnerships the financial stability they need going forward, to build on their early successes and tailor the support they offer to local needs," said Local Growth Minister Mark Prisk.
"If matched by local support, this could mean that up to £45million will be available to help Local Enterprise Partnerships turn their plans into jobs and growth," he said.
"This funding will help Local Enterprise Partnerships plan for the long term and ensure they can remain locally-led instead of dependent on central government support," said Business and Enterprise Minister Michael Fallon. "We need to ensure Local Enterprise Partnerships remain voluntary business and civic partnerships so they are in the best possible position to deliver sustainable growth and job creation in their areas."
"Already we are seeing Local Enterprise Partnerships across England delivering innovative schemes in their communities. This financial support will help the partnerships to continue this work," said Fallon.
LEPs will be invited to make bids for matched funding for 2013/14 and 2014/15. Government have said they will discuss details of the scope of the match with the LEPs shortly.
LEPs consist of partnerships between local authorities, businesses and other stake holders. They were launched by Government in June 2010 to help deliver economic growth and decentralisation. There are currently 39 LEPs across England.
