News: Core funding for LEP
The Sheffield City Region Local Enterprise Partnerships (LEP) has secured a share of core funding from the government to drive forward their growth priorities.
LEPs are the government's new model to promote economic development. With boards led by the private sector, they provide the strategic leadership required to set out local economic priorities, and better reflect the natural economic geography of the areas they serve.
An interim £5m funding package will be made available immediately for all LEPs to draw upon for the remainder of this financial year, around £125,000 each.
For 2013/14 and 2014/15, matched funding will be offered of up to £250,000 per LEP per annum. LEPs wishing to utilise this funding will be required to source match funding of equal value.
Business and Enterprise Minister Michael Fallon, said: "It is crucial we arm Local Enterprise Partnerships with the tools and resources they need to play a prominent role in delivering growth and jobs for their communities. This funding will help LEPs plan for the long term and ensure they can remain locally-led instead of dependent on central government support."
James Newman, Chairman of the Sheffield City Region LEP, said: "Today's Government announcement about LEP funding is good news for the Sheffield City Region's economic growth and employment prospects.
"Although this is only a relatively small amount, this funding will give our LEP the resources it needs to develop its strategy which is based on local priority sectors of high economic growth and job creation potential.
"Now that the Coalition has acknowledged the need for this support, I hope that they release the funds without too much delay, so we can concentrate our efforts on stimulating economic growth.
"We hope that this won't be the only piece of good news from Whitehall this Autumn, as we await the outcome of our RGF bid, which has the potential to give our economy a huge boost by unlocking millions in direct business investment and creating hundreds of new private sector jobs."
Sheffield City Region LEP website
LEPs are the government's new model to promote economic development. With boards led by the private sector, they provide the strategic leadership required to set out local economic priorities, and better reflect the natural economic geography of the areas they serve.
An interim £5m funding package will be made available immediately for all LEPs to draw upon for the remainder of this financial year, around £125,000 each.
For 2013/14 and 2014/15, matched funding will be offered of up to £250,000 per LEP per annum. LEPs wishing to utilise this funding will be required to source match funding of equal value.
Business and Enterprise Minister Michael Fallon, said: "It is crucial we arm Local Enterprise Partnerships with the tools and resources they need to play a prominent role in delivering growth and jobs for their communities. This funding will help LEPs plan for the long term and ensure they can remain locally-led instead of dependent on central government support."
James Newman, Chairman of the Sheffield City Region LEP, said: "Today's Government announcement about LEP funding is good news for the Sheffield City Region's economic growth and employment prospects.
"Although this is only a relatively small amount, this funding will give our LEP the resources it needs to develop its strategy which is based on local priority sectors of high economic growth and job creation potential.
"Now that the Coalition has acknowledged the need for this support, I hope that they release the funds without too much delay, so we can concentrate our efforts on stimulating economic growth.
"We hope that this won't be the only piece of good news from Whitehall this Autumn, as we await the outcome of our RGF bid, which has the potential to give our economy a huge boost by unlocking millions in direct business investment and creating hundreds of new private sector jobs."
Sheffield City Region LEP website
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