LEPs are central to the Government’s approach to driving local economic growth and for ensuring that every community is able to fulfil its potential.
The government offer of £24 million could unlock up to £20 million locally and will enable LEPs to deliver their local plans for growth.
An interim £5 million funding package will be made available immediately for all LEPs to draw upon for the remainder of this financial year. This will be followed by up to £250,000 per LEP per year for the following two years.
Where matched by funds locally the overall funding pot could equate up to £45 million over this period.
Business and Enterprise Minister Michael Fallon, said:
“It is crucial we arm Local Enterprise Partnerships with the tools and resources they need to play a prominent role in delivering growth and jobs for their communities. This funding will help LEPs plan for the long term and ensure they can remain locally-led instead of dependent on central government support.
“We need to ensure LEPs remain voluntary business and civic partnerships so they are in the best possible position to deliver sustainable growth and job creation in their areas.
“Already we are seeing LEPs across England delivering innovative schemes in their communities. This financial support will help the partnerships to continue this work.”
The funding will be provided on a 50/50 basis by BIS and the Department for Communities and Local Government (DCLG).
LEPs will be invited to bid for matched funding for 2013/14 and 2014/15, setting out how they would be able to offer a cash match from public or private resources. Details on the scope of the match will be discussed with LEPs shortly.