A new funding opportunity offering grants of up to 25% towards the cost of larger capital projects has opened for applications through the Leicester and Leicestershire Enterprise Partnership.
The Local Authorities of Leicester and Leicestershire are working together to pool business rates, and the LLEP has been granted up to £10m, over the next two years, to support projects to drive productivity and help grow the Leicester and Leicestershire economy.
The LLEP is inviting applications for three types of activity:
- Project Development Fund– supporting the feasibility and costs for development of the business case for proposed larger capital projects.
- Project Revenue Fund– supporting small-scale operational activity to drive economic growth within Leicester and Leicestershire.
- Capital Fund– supporting the costs of capital projects.
The maximum grant amount per project is £100k with the Project Development and Project Revenue Funds. The Capital Fund welcomes projects looking for c£500k and will consider larger projects where a clear need is demonstrated.
The target ratio for funding is 1:4 (25% grant, 75% match funding from other sources).
Nick Pulley, LLEP Chair said: “The LLEP wants to support ambitious capital projects that contribute to the delivery and aims of our Strategic Economic Plan and fit with local priorities. We welcome applications that demonstrate the need for public sector intervention and can show how our support will achieve additionality and add to the economic impact of the project.”
The LLEP has continued to refine its processes for managing funding applications and is keen to ensure that the Pooled Business Rates are allocated in the best possible way.The application process is now in two parts – an online form and a Logic Model template. Applications for funding can be made via an online Expression of Interest form on the LLEP website.
To assist understanding of this new process the LLEP are inviting funding applicants, both existing and new, to attend a Logic Model and Appraisal Process workshop on Friday 19 January 2018, 10.00am till 12.30pm at City Hall, Charles Street, Leicester. The LLEP will provide full guidance and answer any questions about the funding and eligibility criteria. Further information and booking details can be found at http://bit.ly/2lEuedG
The closing date for Expressions of Interest is Sunday 4th February 2018.