A £25m economic development fund to spark growth and job creation across the West of England, including support for small firms, is to be created.
Money for the fund has been secured by the region’s Local Enterprise Partnership (LEP) following a succes
sfully bid to the Government’s Regional Growth Fund (RGF).
The type of schemes backed by the fund is up to the LEP but could include part-funding job-creating developments and pump-priming infrastructure projects as well as supporting the region’s small and medium-sized enterprises.
LEP chair Colin Skellett said: “This is a demonstration of the confidence that Government has in the West of England LEP and allows us flexibility to address our own local priorities.”
Nigel Ashton, the LEP’s deputy chair and leader of North Somerset Council, added: “This is excellent news which endorses our success as a LEP with four local authorities working together.
“This grant will enable us to press on and initiate growth across the West of England area.”
The LEP will formalise arrangements for the operation of the fund with the Department for Business, Innovation and Skills over the coming weeks. Details of eligibility and how to apply will be released soon.
