After the LEP received an allocation of £8.6m in February, Chancellor of the Exchequer George Osborne bumped the figure up to £12.8m as part of the Budget’s commitment to helping small businesses grow – called the Growing Places Fund.
The fund is designed to be flexible, with the aim of offering loans at rates attractive to fledgling businesses so they are not put off and embrace the funding on offer.
Denys Shortt, chair of the Coventry and Warwickshire LEP, said the scheme had been designed to bring growth and jobs to the region. He commented: “This is very much a kick-start programme to allow projects which could be stuck for a variety of reasons, to really move ahead with the aim of delivering a boost to jobs and economic growth as quickly as possible.”
“There will be a variety of reasons why some infrastructure and development schemes are not progressing as quickly as they might in easier economic times, and that is how the Growing Places Fund can help,” he added.
The minimum funding available for businesses applying for funding from the LEP is £1m, and the application process began at the start of this week and ends on April 30.
Go here to find out more about the funding available and apply.