£5m was allocated to 32 Local Enterprise Partnerships across the country by the Government in order to boost job numbers and make the partnerships self sustainable.
To kick-start the Local Enterprise Partnerships (LEPs) across the UK, the Government allowed the 32 partnerships to place bids for a share of the £5m one-off pot of cash. 18 of the LEPs secured the full amount of money they bid for, while the remaining 14 received part of their bid proposal. Four LEPs chose not to bid for any financial support.
Business Minister Mark Prisk made the announcement while visiting the Cornwall and the Isles of Scilly LEP. He said: “The start up fund will allow them to pay for things such as training for the board members, as well as support their work engaging with the wider business community.”
“In some cases, the partnerships have come up with some really innovative ways of using this money,” he added.
The BIS website explains that the funds are to be used for: office rental, training, and engaging with the wider business community.
To qualify for the funding, they must demonstrate that they do not have the institutional capacity already and that local partners will be co-funding the activity. Also, the LEPs are required to show how the activity will be self-sustaining in the near future without further central Government funding.
LEPs are supposed to provide the vision, knowledge and strategic leadership needed to drive sustainable private sector growth and job creation in their area.