Local firms across the country will benefit from £2.6 billion funding that will help create jobs and boost skills.
For the first time, European Regional Development Funds (ERDF) are targeted at Local Enterprise Partnership areas in a shift to more localised spending.
Local organisations working with small businesses will now be able to apply for a share of funding from the latest round of the European Regional Development Fund.
The funding is aimed at supporting innovation, boosting small businesses and creating jobs across local economies. Across the country, local organisations and partners will play a key role in shaping how money is allocated and invested, ensuring that services are tailored to local needs and bringing economic benefits to the wider area.
Local Growth and Northern Powerhouse Minister James Wharton said:
“This funding will give the places a chance to contribute more to the national economy and unlock local potential. It will ensure we can build up local economies around the country and the Northern Powerhouse that we will have a big and real positive impact on people’s lives, delivering more jobs, more opportunities and a better future for all.”
“We want local partners to come forward with how they want to use this money to drive forward their economy. As part of the long-term economic plan, this money will provide a big boost to businesses and help create numerous jobs locally that will also benefit people living in towns and villages nearby”
Around the country a total of £5billion is being made available from the 2014 to 2020 round of the ERDF and the European Social Fund to fund local projects.
The new programme is built from the local priorities of England’s 39 LEP areas and therefore taps into local knowledge about what is needed to boost growth locally.
The main priorities of the ERDF programme are research and innovation, supporting and promoting small to medium enterprises and the creation of a low carbon economy. For more information click here.