Member Article

Marches LEP invites proposals for £8.1m pot

£8.1m of funding will be available for projects in Herefordshire, Shropshire and Telford & Wrekin, the Marches LEP has announced.

The LEP is inviting proposals which will help stimulate economic activity and deliver sustainable private sector jobs and housing.

Loans will be given to projects which address immediate infrastructure and site constraints, helping to get stalled schemes back on track.

The Marches LEP Development Fund has come from the Government’s Growing Places Fun, a pot of £570m allocated to LEPs.

Chairman of the Marches LEP, Dr Geoffrey Davies OBE, 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 must be able to meet the broad criteria in a Preliminary Project Assessment (PPA) in order to complete the Expression of Interest.

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 per cent 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, and interested parties who may wish to discuss potential projects can find details of LEP officers who can assist with enquiries, here.

This was posted in Bdaily's Members' News section by Tom Keighley .