Funding at the North East LEP
We are working with our regional partners and government to secure funding for the region that enables the development of critical assets and infrastructure to support growth for our area.
The North East LEP manages multi-million-pound investment programmes designed to improve and support the North East’s economy. Over the period 2015 -2022, our investment programmes are valued at over £760m.
Funding at the North East LEP is managed in accordance with our Assurance Framework.
Funding awards are published on either ‘non-state aid’ or ‘state aid’ lists.
Over the period 2015 -2022, our investment programmes are valued at over £760m. These funds are:
The Local Growth Fund (LGF) is a £270m 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.
LGF funding supports major capital projects across the North East LEP area through smart, strategic and focused investment of public and private sector funding.
In August 2020, the North East LEP was awarded £47m from government’s Getting Building Fund to start local infrastructure projects that will help the region recover from the coronavirus pandemic. The funding will be spent on ‘shovel ready’ projects that can be delivered in the next 18 months.
A further £8m of funding was added to this from reserves to allow us to take forward the full list of shovel ready projects the North East LEP received.
The Getting Building Fund forms part of the government’s New Deal for Britain announced by Prime Minister Boris Johnson. It sets out government’s strategy to rebuild Britain and fuel economic recovery across the UK.
Find out more.
The North East Investment Fund is an evergreen capital loan funding supporting projects that specifically encourage local economic growth and create jobs in our area. The fund totals £55 and is a combination of £25m Growing Places funding and £30m Regional Growth Fund.
Other funding streams
We also support a number of other strategic funding streams that support the delivery of the Strategic Economic Plan.
We are a member of the European Structural and Investment Fund (ESIF) committee – a group of regional stakeholders who provide support and guidance to Government about the allocation of European Funding in the North East.
You can find the minutes and membership of the ESIF Committee here.
The North East Property Fund is a £10 million fund offering development funding to SME house builders, construction and property development companies to bring forward residential and non-speculative commercial development projects in the North East LEP area.