Region in 
line for £39m growth fund boost

The Sheffield City Region local enterprise partnership (LEP) said yesterday its bid for funding from the third round of the Regional Growth Fund had cleared the latest hurdle at Whitehall, ahead of a final decision over the coming weeks.

The fund is the Government’s primary method of supporting private sector growth in the regions, with an independent panel chaired by Lord Heseltine advising Ministers on which bids to approve.

The latest round of funding was massively over-subscribed, with the Government receiving 414 bids totalling £2.7 billion for the £1bn available.

A shortlist of 278 bids has now been drawn up, including the Sheffield City Region bid for £39m to help dozens of firms across South Yorkshire to expand.

Sheffield City Region LEP chairman James Newman said the Government funding, if approved, would unlock a further £151m of direct investment from the companies involved, creating more than 2,000 new jobs.

“We know there is huge untapped potential in the city region,” Mr Newman said.

“This programme will demonstrate that a small amount of funding can unlock six or more times as much direct private sector investment – leading to growth and sustainable, private sector employment.

“This bid has been several months in planning and a lot of hard work has gone into getting it right – it brings together dozens of companies with robust plans for growth. This is why the LEP board is very confident that this bid will be extremely attractive to the Ministerial panel.”