Local Growth Funding
Funding a range of strategic capital projects in the North East
What is Local Growth Funding?
Our £270m Local Growth Fund is a capital programme that forms a key element of the North East Growth Deals agreed with Government between 2014 and 2017. It allows us to progress ambitious growth measures, together with our partners, to achieve the objectives set out in the Strategic Economic Plan (SEP).
We are now over half way through this investment programme and have made significant progress. Many projects are now in operation and many more under construction creating employment sites and buildings for business innovation and growth, strategic transport improvements and new learning facilities supporting local communities.
We talked to our LGF partners who told us how the Local Growth Fund has helped make a difference to their project and wider local economy and how their projects are contributing to the objectives of the North East Strategic Economic Plan.
Watch the video below to learn more about our LGF projects and what impact they are having.
This total includes funds awarded under the three rounds of Local Growth Funding and supports major capital projects across the North East LEP area through smart, strategic and focused investment of public and private sector funding.
Our Local Growth Fund funded projects directly support one or more of the following strands of activity:
- Driving innovation and improving business support
- Developing skills infrastructure and supporting economic inclusion
- Creating new strategic economic assets and infrastructure
- Enhancing strategic transport corridors and public transport infrastructure
We have secured resources for the North East in different ways. We oversaw the development of successful regional programme proposals to the UK Government to secure three rounds of Regional Growth Fund and Local Growth Fund investment. We prepared the strategy for European Strategic and Investment Funds and have used our resources to develop projects which lever significant additional resources for the North East.
With partners, we have prepared successful proposals for the 21 Enterprise Zone sites which have secured government tax benefits for investor business and will deliver a rolling investment fund over time. We have also secured resources from other sources for specific projects aiming to take forward aspects of the SEP, for example the Gatsby Foundation have resourced the regional project to improve careers advice and support and Horizon 2020 funding was secured to develop our engagement with European innovation platforms.
All of the projects that the North East LEP is currently funding can be found on our projects page.