North East LEP handed growth funding (From The Northern Echo)

North East LEP handed growth funding

8:00am Thursday 2nd February 2012 in North-East Business News By Andy Richardson

THE North Eastern Local Enterprise Partnership (NELEP) has secured a £17m cash boost aimed at helping it create new jobs and drive forward economic growth.

The funding, from the Government's Growing Places Fund, will be used to help unlock housing and economic development schemes.

Money from the £450m Fund is being made available to all 39 English local enterprise partnerships on a formula based on population and employment in the area multiplied by earnings.

Tees Valley Unlimited announced last month that it had been handed £5.8m to kick-start developments in its area and the York, North Yorkshire and East Riding LEP got £6.3m.

Paul Woolston, Chairman of NELEP, which oversees Northumberland, Tyneside, Wearside and Durham, said: "This new resource is timely and demonstrates real faith in the LEP to manage and deploy funding in line with the LEPs strategic priorities of growing key sectors and strengthening infrastructure.

"We will be inviting interested parties to submit proposals to the LEP that fit with our criteria and the aim of the Board to see the funding used in order to accelerate economic opportunity and generate a rolling investment fund."