Massive boost to economic growth
17:18 29 March 2012
South West to receive further £7million in funding.
An enterprise partnership has been awarded a massive cash injection to boost economic growth in the South West.
Heart of the South West (HotSW) Local Enterprise Partnership has been awarded an extra £7million through the Growing Places Fund.
A massive £14,510,481 million was awarded to HotSW last month.
But the area can now expect the extra boost - as a result of measure announced in last week’s Budget.
Tim Jones, chairman of HotSW, said: “This extra money is great news for the area and will make a real difference – it will help kick start many projects that have stalled infrastructure to finally get off the ground.
“We’d also like to remind people that the closing date for applications for the first phase of funding is fast approaching – 31st March – so it’s important that people apply now.”
The Growing Places Fund is a new funding initiative available to unlock stalled projects throughout the area: it is designed to distribute to capital projects and developments that are ready to commence, but have been postponed for financial reasons.
The fund aims to boost economic growth by getting delayed schemes moving again with the necessary support to enable the creation of new homes and jobs.
To bid for funding, applicants must complete a formal application which will be available from the HotSW website www.heartofswlep.co.uk
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.
As the programme progresses, a full list of successful projects will be published on the website. A second phase of funding will be available over the next few months.