Our ambition is to transform the local economy into a global centre for talent and innovation. To achieve this we have signed a multi-million pound Growth Deal with Government which will boost the region’s skills, drive innovation, target support to help small businesses to grow and improve transport and infrastructure.
New Anglia LEP’s total Growth Deal with Government is £290m to be invested in the region by 2021. It is forecast to create up to 16,000 new jobs, 3,000 new homes and the potential to generate an additional £240m public and private investment.
Frequently Asked Questions
Growth Deals provide funds from central Government to Local Enterprise Partnerships for projects that benefit the local area and economy.
New Anglia LEP’s total Growth Deal with Government is £290.8m to be invested in the region by 2021. It is forecast to create up to 16,000 new jobs and 3,000 new homes, with the potential to generate an additional £240m in public and private investment.
New Anglia LEP’s is the seventh largest award of funding out of 38 LEPs across the country, and has been awarded in three stages:
- Growth Deal One (July 2014): £173.3m
- Growth Deal Two (Jan 2015): £48.5m
- Growth Deal Three (Nov 2016): £69m
Growth Deal Three will deliver two capital projects:
- £10m for the Norwich Northern Distributor Road (NDR).
- £10m for Lowestoft flood alleviation works.
and three programmes:
- Enterprise Zone Accelerator Fund – to accelerate development of our Enterprise Zones by investing in new buildings and infrastructure.
- Innovation and Productivity Fund – to invest in capital projects to unlock growth and create smarter more agile businesses.
- New Anglia’s Capital Growth Programme – to invest in projects to unlock additional growth around connectivity, unlocking growth and investment in skills.
Our Growth Deal projects will boost skills and job opportunities for local people. Investing in infrastructure projects like the Norwich Northern Distributor Road and flood alleviation works in Lowestoft will bring real improvements for residents, businesses and visitors.
Our Growth Deal commitments will allow us to provide practical support to help the region’s SMEs grow and flourish so they can compete and win in UK and global markets.
The infrastructure improvements we’re making across the two counties will enhance the ability of businesses to move across the area, allowing them to access innovation centres and skilled staff.
Through our new funding we want to invest in projects that will help businesses to recognise how they can develop and implement their own sustainable plans for the future, helping the region’s enterprises to become more efficient, competitive and productive.
Previously we selected Growth Deal projects using the following criteria:
- Fit with the LEP’s strategy – how well does the programme fit with the priorities and outputs outlined in the Economic Strategy for Norfolk and Suffolk?
- Additionality –does the programme provide added value above our current toolkit for businesses, what outputs can be delivered over and above the SEP ambitions?
- Deliverability – what mechanisms and resources are needed to deliver the programme, do we have them already, what evidence of demand is there?
- Leverage and value for money – what level of private investment can be levered, what evidence is there that private investment can be achieved, what is the value for money in terms of investment compared to outputs?
A process is now under way to develop the award criteria for the new programmes and to review the original programme of investment to ensure it is deliverable. This is in light of the annual allocation of funding that we have been given from Government and the development of the new Economic Strategy, which will include the development of an investment modelling tool kit to help inform policy and investment decisions. This is likely to include a commissioning approach to target funding to maximise our impact on growth. This will involve consultation with partner organisations and key stakeholders to ensure that the programme meets local needs.
We have a range of options for projects that are seeking funding. Information on the LEP’s funding can be found here.
We publish all calls for funding on our website and will promote opportunities through our press releases and through local partners.
The New Anglia Growth Hub can help your business to access a range of business support services free of charge.
To find out more, email email@example.com