Partner Article

£16.7m Growing Places Fund open for bids

Bids for the Government’s Growing Places Fund are now open, and businesses in the region are being invited to submit proposals for a share of the £16.7 million fund.

The loan fund was secured by the North East Local Enterprise Partnership (NELEP) last month, and is designed to kick start growth by unlocking infrastructure, housing and economic development schemes.

North East firms now have until Friday 23 March to submit their proposals. Interested parties must demonstrate that they have match funding in place to start from the date of approval, necessary planning permission in place and private sector involvement or the means to unlock wider private sector development.

Commenting on the announcement, Paul Woolston, chair of the NELEP said: “Growing Places Fund is a welcome boost and it’s certainly timely.

“We are looking for organisations and businesses to come forward with capital schemes which will help create new jobs and economic growth by unlocking the potential of projects stalled in the current economic climate.”

Bidders must also demonstrate that their plans fit with the strategic priorities of the NELEP, such as building on the regions key economic strength areas while supporting transport, connectivity and infrastructure.

The Growing Places Fund is a rolling investment fund, and all proposals must be in a position to repay the loan.

The North Eastern Local Enterprise Partnership covers the local authority areas of Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland. The LEP includes representatives from business, local authorities, universities, colleges and the voluntary and community sector.

This was posted in Bdaily's Members' News section by Ruth Mitchell .