LEP reveals infrastructure heavy shortlist for £16.1m funding opp

A social and environmental-focused business incubator is one of 11 projects shortlisted by the Greater Cambridge Greater Peterborough Enterprise Partnership (LEP) for a slice of the £16.1 million allocated under the Growing Places Funding, though most of the money seems to be heading towards infrastructure projects.

The LEP is now undertaking further due diligence and will enter funding negotiations with the projects before making final decisions on the funding which is expected to be announced within the next few weeks.

An LEP statement says the shortlisted projects are expected to lever a further £26 million of public and private funding, unlocking up to 12,500 new jobs for the LEP area, which covers Cambridgeshire, Peterborough, Rutland, West Norfolk, West Suffolk, Uttlesford and North Hertfordshire.

Though details of what the projects actually involve have not been provided, the majority of them are focused on infrastructure improvements, though some connected to technology parks in the region.

One project relates to the Future Business Centre (Social & Environmental Business Incubator) in Cambridge, another Haverhill Research Park and Ashwell Business Park, Rutland.

The selection followed an open call for bids in February, and reviewed the bids against a series of criteria including job creation, deliverability of the project, value for money and consistency with the LEP's priorities.

LEP chair, Neville Reyner, said: "The first round of Growing Places Funding has been specifically targeted at projects that can get underway within this financial year. Importantly, most of the schemes will be repaying the money provided to them over time so creating a revolving LEP capital fund that can in turn help even more projects get off the ground in the future."

Projects that didn't make it through, but met most of the criteria are being given a second chance having been invited to resubmit their bids for the next funding round, as the Growing Places Fund is intended to revolve through repayment of loans over the coming years, and potentially through additional funding from Government.

Alex Plant, Strategy Director for the LEP added: "This funding is being used for strong projects that can deliver quickly, and it is being used in a way that will create a sustainable revolving fund, building on the "loan not grant" approach adopted for previous successful projects such as the Addenbrooke's Access Road."

The shortlisted projects:

• A1139 Fletton Parkway Improvement scheme, Peterborough
• Haverhill Research Park
• Ely Crossing
• The Future Business Centre (Social & Environmental Business Incubator), Cambridge 
• Fenland Horticulture and Land based Skills centre 
• Babraham Park and Ride 
• Ashwell Business Park, Rutland 
• Huntingdon Link Road 
• Peterborough Southbank Regeneration Project – Phase 2 
• Utility improvements for Northstowe
• Babraham to Abingdon Cycleway

 

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