A £6m fund to kick-start developments has been launched by the Humber Local Enterprise Partnership (LEP).
The LEP is today launching the first phase of its Humber Infrastructure Fund, which will fund capital investments to help to drive local economic growth across the Humber. The first tranche of funding, which the LEP hopes to allocate within the first months of this year, comes from a £5.8m allocation from the Department for Communities and Local Government’s Growing Places Fund.
Humber LEP chairman Lord Haskins has set up a task force to investigate how to attract more funding, which will report to the LEP board later this year.
The LEP will expect proposals to create jobs and help to attract further investment, and will prioritise projects that already have planning permission and a level of funding in place so can be delivered quickly. As well as the long term jobs that will be created, the LEP hopes that getting stalled developments back on track will support the local construction industry this year.
In most cases the LEP will expect its investments to be repaid over time so funds can be “recycled” to support other projects, but it may consider grants in exceptional circumstances. Developers have until February 10 to submit initial expressions of interest. For more information see www.humberlep.org or call 01482 611890.