25/01/12
Heart of the South West LEP unlocks new funds
Heart of the South West announce new funding to unlock economic growth
Heart of the South West (HOSW) has today announced a new funding initiative available to unlock stalled projects throughout the area.
A Growing Places Fund of £14.26 million has been awarded to HotSW Local Enterprise Partnership (LEP) by the Government. It is designed to distribute to capital projects that are ready to commence, but have been postponed due to financial reasons.
Applications will be assessed and funds awarded according to various criteria which are specified in full on the partnership’s website. To be considered, projects must be ready to commence quickly and, where appropriate, must have planning permissions and other consent already in place. Levering in private sector funding is also a condition. Applicants must also show how their project will create jobs and assist in economic growth.
It is anticipated that applicants will repay the fund in the long term, so the funds can be revolved and invested into different future projects.
Tim Jones, chairman of HotSW, said:
“We would welcome applications from projects which have been genuinely blocked and are ready to go - this fund is designed to help unlock developments that would otherwise not be financially able to proceed. We see this is a vital component in creating economic growth and we are keen to ensure that the partnership will be able to direct this funding where it can generate the biggest benefits for the whole area.”
To bid for funding, applicants must complete a formal application which is available from the HotSW website www.heartofswlep.co.uk
As the programme progresses, a full list of successful projects will be published on the website.
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