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LEP Programme Benefits From Further Funding

posted 9 Aug 2013, 06:07 by RiDO Rotherham   [ updated 9 Aug 2013, 06:07 ]
A programme which aims to grow businesses in the Sheffield City Region has been given a multi-million pound cash boost by Government.

The Local Enterprise Partnership (LEP) has been conditionally awarded £7 million from the Government’s Regional Growth Fund to support modern manufacturing and technology companies to create jobs in the Sheffield City Region.

The £7 million will be used to ‘top-up’ the LEP’s existing £25 million ‘Unlocking Business Investment’ programme, which is on track to create approximately 2,000 sustainable, private sector jobs.

The LEP plans to use the extra funding to create over 500 additional new jobs in the Sheffield City Region.

The LEP was delighted by the scale of response from City Region’s businesses in the first round of its RGF programme. The success of the LEP’s last round means that organisers already have around a number of first-rate projects competing for the additional ‘top-up’ funds.

So far, ten local businesses have had their projects formally approved to receive over £4 million from the LEP’s RGF programme. These ten businesses will create 279 new jobs in the Sheffield City Region.

LEP Board member David Grey MBE, and RGF Steering Group lead said:

“It is excellent news that the Government has given our RGF programme this funding boost. This will enable our programme to be extended to grow more businesses and create further jobs.

“The Sheffield City Region bid competitively to receive £25 million from Round 3 of the Regional Growth Fund. This extra money from Round 4 brings our total funding to £32 million and the combined amounts will enable us to unlock over £125 million of private sector investment.

“Access to RGF funding is allowing businesses to bring forward expansion plans that may not have happened in these uncertain times. This programme is demonstrating what can be achieved when the public and private sector work together – and I’d like to thank colleagues from Creative Sheffield in particular for support in making this programme a success.”

For more information on the funding programme, visit the Sheffield City Region website.