The Marches LEP Development Fund
The Marches Local Enterprise Partnership (LEP) Development Fund offers an exciting opportunity to help address the need for investment to unlock development that will create much needed homes and jobs in Herefordshire, Shropshire and Telford and Wrekin.
The Marches LEP has been awarded more than £8.1 million by the Government from the Growing Places Fund to provide upfront capital funding for physical infrastructure. Funding will provided in the form of a loan and will be subject to interest charges. Repayment timelines to the fund and interest charges will vary, but greater weight will be given to schemes that can complete payments in less than five years. Funding will be recycled to enable further awards in future years.
The Marches LEP is inviting project proposals to be submitted from local authorities, the private sector and any other interested parties for the first funding award round which opens on 18 April 2012 with awards likely to be made in June 2012.
Any scheme coming forward would need to address the Marches LEP Higher Level Objectives, these being:
- To stimulate sectors with a history of successful operation in the Marches
- To seize opportunities presented by rebalancing an economy which currently has 28% public sector employment
- To create and facilitate the conditions and infrastructure most needed to enable and accelerate rates of business growth, including maximising opportunities for new technologies such as ‘superfast’ broadband and bringing forward land and premises fit for future business needs across the Marches.
To submit an Expression of Interest, applicants are required to complete an initial Preliminary Project Assessment (PPA). All potential investments must be able meet the broad criteria in the PPA in order to complete the Expression of Interest.
Interested parties may wish to discuss potential projects in advance of bringing forward a formal proposal.