News: LEP bids for RGF "top up"
Following a high demand from local companies looking for financial support for their growth plans, the Sheffield City Region Local Enterprise Partnership (LEP) has submitted a second bid for £25m from the government's Regional Growth Fund (RGF).
The aims of the fund remain the same: creating jobs, encouraging private investment and supporting areas dependent on the public sector and this "top-up" bid hopes to unlock £105m of business investment and create at least 1,800 new private sector jobs by March 2016.
The RGF is the government's main source of funding for economic development and regeneration and the latest bid is a follow up to the successful £25m bid secured in round three of the fund.
Around 65 projects are currently part of this first wave of the "Unlocking Business Investment" programme – with the first contracts being signed in April 2013.
James Newman, chairman of the LEP, said: "This programme is absolutely central to the LEP's vision – to rebalance the Sheffield City Region's economy and create the conditions in which businesses can grow."
"It is vital that the government continues to shows confidence in the ability of business in the Sheffield city region to help drive the economy, both locally and nationally."
Chris Scholey, LEP board member, added: "This £25m will top-up our "Unlocking Business Investment" programme and enable business leaders to turn robust business plans into growth – which will boost the economy and create jobs.
"The Sheffield city region has a very good track record on the Regional Growth Fund and so we expect the government to really buy into the potential of this proposal."
If successful, LEP will focus its funding on supporting growing businesses in the modern manufacturing and technology sectors in the Sheffield city region.
David Grey, LEP Board Member, said: "We were delighted by the scale of response from city region's businesses in the last round of the scheme. We were oversubscribed by £51m – which means we had applications for over three times our total budget!
"The success of our last round of RGF funding means that we already have around £20m of first-rate projects "waiting in the wings." It demonstrates pent up demand in our region. This RGF funding is allowing businesses to accelerate their investment plans. The city region is made up of 50,000 SMEs so we have some way to go before we run out of opportunities.
"I hope the Government grasps this opportunity with both hands so we can give these business plans the support they need."
Sheffield city region LEP website
The aims of the fund remain the same: creating jobs, encouraging private investment and supporting areas dependent on the public sector and this "top-up" bid hopes to unlock £105m of business investment and create at least 1,800 new private sector jobs by March 2016.
The RGF is the government's main source of funding for economic development and regeneration and the latest bid is a follow up to the successful £25m bid secured in round three of the fund.
Around 65 projects are currently part of this first wave of the "Unlocking Business Investment" programme – with the first contracts being signed in April 2013.
James Newman, chairman of the LEP, said: "This programme is absolutely central to the LEP's vision – to rebalance the Sheffield City Region's economy and create the conditions in which businesses can grow."
"It is vital that the government continues to shows confidence in the ability of business in the Sheffield city region to help drive the economy, both locally and nationally."
Chris Scholey, LEP board member, added: "This £25m will top-up our "Unlocking Business Investment" programme and enable business leaders to turn robust business plans into growth – which will boost the economy and create jobs.
"The Sheffield city region has a very good track record on the Regional Growth Fund and so we expect the government to really buy into the potential of this proposal."
If successful, LEP will focus its funding on supporting growing businesses in the modern manufacturing and technology sectors in the Sheffield city region.
David Grey, LEP Board Member, said: "We were delighted by the scale of response from city region's businesses in the last round of the scheme. We were oversubscribed by £51m – which means we had applications for over three times our total budget!
"The success of our last round of RGF funding means that we already have around £20m of first-rate projects "waiting in the wings." It demonstrates pent up demand in our region. This RGF funding is allowing businesses to accelerate their investment plans. The city region is made up of 50,000 SMEs so we have some way to go before we run out of opportunities.
"I hope the Government grasps this opportunity with both hands so we can give these business plans the support they need."
Sheffield city region LEP website
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