LEP welcomes £25m Regional Growth Fund announcement
Today (Friday 19 October) the Government has announced that it will award £25m of Regional Growth Fund (RGF) money to the Sheffield City Region Local Enterprise Partnership (LEP).
The Government’s £25m investment will unlock over £100 million of direct business investment, leading to sustainable, private sector growth in the City Region.
This will help businesses across the City Region expand their operations, create new jobs and stimulate growth.
Welcoming the announcement, LEP Chairman James Newman, said, “This bid has been several months in planning and a lot of hard work has gone into getting it right – it brings together dozens of companies with robust plans for growth.”
Once the full amount is invested it will help generate approximately 1500 new private sector jobs by March 2015. There will also be many further benefits including indirect jobs and jobs safeguarded in the region.
The LEP bid currently comprises of 27 companies, which put forward plans for growth as part of the RGF bid. The LEP will be inviting many more businesses with plans for growth in the City Region to be part of the programme.
The LEP programme bid was led by private sector Board members, Chris Scholey and David Grey, working closely with officers from the LEP and local authorities in the City Region.
David Grey MBE, local businessman and LEP Board Member, said, “It is now crucial that we focus on the delivery of this ambitious programme, and we look forward to working with our partners in local and national Government and businesses in the City Region.
“This programme will demonstrate how a small amount of funding can unlock significantly more direct private sector investment – leading to growth and sustainable, private sector employment.”