LEP calls for projects to fund

The Greater Cambridge Greater Peterborough Enterprise Partnership is calling for organisations to come forward with funding proposals for delayed projects in their area.

The call follows the recent news that the Enterprise Partnership will receive £10.9 million of Growing Places Funding. The fund has been allocated to the LEP by Government to generate economic activity in short term by addressing immediate infrastructure constraints, whilst establishing sustainable revolving funds so that funding can be reinvested to unlock further developments in the future and leverage private sector investment.

Neville Reyner CBE DL, Chair of the Greater Cambridge Greater Peterborough Enterprise Partnership, said: “We are looking for projects that have stalled in our area, and as a result are holding up the delivery of economic growth or new homes. We want this funding to be deployed during 2012/ 2013 and ideally to be used as investment capital so that it can be returned to the LEP as a revolving fund and so be able to be used again to fund future projects.”

“This is a fantastic opportunity for our LEP area, and our Board is committed to make swift decisions so that we can get the best projects moving as soon as possible and to deliver immediate returns in relations to jobs, homes and infrastructure. We look forward to receiving a range of good ideas for local schemes in the near future.”

The projects must be located within the Greater Cambridge Greater Peterborough Enterprise Partnership area, which covers: Cambridgeshire, Peterborough, Rutland, West Norfolk, St Edmundsbury, Forest Heath, Uttlesford and North Hertfordshire.

All project proposals (that must be no longer than three pages) must be submitted to the LEP by 12th March 2012 at the latest. These proposals will then be reviewed by the LEP’s Investment Sub-group before being put before the LEP Board for a final decision.