LEP funding/Growth Deal

LEP funding

In England, local enterprise partnerships (LEPs) are voluntary partnerships between local authorities and businesses set up in 2011 by the Department for Business, Innovation and Skills (BIS) to help determine local economic priorities and lead economic growth and job creation within the local area. 

The LEPs provide a resource centre and gateway to funding opportunities in their local areas. There are a variety of different financing options made available such as equity, loans and match-funded grants depending on the LEP.

Growth Deal

LEP manage/advise for local funding via the Growth Deal. This programme:
  • is partnership between the Government and LEPs, where the Government will respond to the offers made by LEPs in pursuit of the shared objective of growth;
  • provide funds to LEPs for projects that benefit the local area and economy to invest at least £12 billion in local economies in a series of ‘Growth Deals’.
The 2016 Budget included the announcement that up to £1.8 billion will be allocated through a further round of Growth Deals in the course of 2016. As of March 2016, £7.3 billion worth of Growth Deal funding has been allocated to LEPs (see detail below).

Total funding allocated £7.26 billion

There are a number of schemes available to provide local funding support for business, which aim to:
  • Support the local economy;
  • Incentivise Job creation;
  • Finance/fund capital investment or any expansion plans.
For further information, please contact a member of our team.