Chiefs from the regions local enterprise partnerships (LEP) have welcomed the government’s decision to provide extra funding to the public-private partnerships.
The Department for Business, Innovation and Skills and the Department for Communities and Local Government unveiled plans to provide an extra £24m over the next three years for England’s 39 LEPs, with an initial £5m funding package.
This will be followed by up to £250,000 per LEP per year for the following two years. LEPs will also be invited to bid for matched funding in the coming years, setting out how they would be able to offer a cash match from public or private resources.
If the cash is mach-funded, the overall funding pot could equate up to £45m. The money has been provided by the Department for Business, Innovation and Skills and the Department for Communities and Local Government.
LEPs will be invited to bid for matched funding for 2013/14 and 2014/15, setting out how they would be able to offer a cash match from public or private resources. The government said details on the scope of the match will be discussed with LEPs shortly.
The government made £5m of core funding available to LEPs last year to help them start up and establish themselves through financial support for things such as board support, development of priorities and business engagement. This was followed by a further £4m to build capacity over a four-year period.
There are 39 LEPs across England. Each LEP is made up of businesses working in partnership with a combination of local authorities.
