Projects that match New Anglia LEP’s ambition to supercharge economic growth in Norfolk and Suffolk have been approved for funding from the LEP’s first ever revenue fund.
Three projects in the Visitor Economy and Offshore Energy sectors will receive a share of £230,000, with further projects in the pipeline to receive funding in the future. The successful projects are:
- Norfolk County Council – Building Supply Chain Capacity in the Offshore Industry: £22,000 (overall project cost: £59,000). Delivered in conjunction with offshore energy company Vattenfall and Norfolk Chamber of Commerce, this project seeks to alert SMEs to supply chain opportunities in the offshore energy industry and get ready to bid for them. Supporting the creation 15 full time high value jobs, 47 learners and 40 apprenticeships.
- Visit East of England – Growing the Year-Round Economy: £110,000 (overall project cost: £180,000). To establish an online booking service and develop an itinerary planner to encourage increased visitor stay time and spend. Using data collected on the region’s existing tourism offer, it will confirm tourist hot spots, concentrated visitor time frames and popular activities. The booking service would generate a sustainable revenue stream for Visit East of England, which in turn would help generate increased tourism activity of £1m per annum. The project will create 4 full time positions.
- Great Yarmouth Borough Council – Norfolk and Suffolk Offshore Wind Programme: £98,000 (overall project cost: £300,000). To create a branding and marketing campaign to establish Norfolk & Suffolk as a world leader in offshore wind with visibility to Government and potential investors, both domestically and globally. Forecast to create 24 businesses.
In October 2018, the LEP launched its first ever call for revenue projects, with the establishment of a £500,000 Innovative Growth Fund. This call was separate from, but complementary to, funding for Capital Growth Fund projects. Projects were assessed on a number of criteria:
- value for money
- additional to the ‘normal business’ of the organisation
- ability to leverage further public or private funding
- impact and innovative approach
- clear fit with the aims of the Norfolk and Suffolk Economic Strategy
In addition to the £230,000 approved for the first three projects, further applications have been given conditional approval, subject to meeting criteria specific to each.
Among these is conditional approval of £50,000 towards Ipswich Central’s £100,000 Cornhill Events Project, which seeks to create a series of events to take advantage of the newly refurbished Cornhill, following investment from four Ipswich Vision partners: New Anglia LEP, Ipswich Central, Suffolk County Council and Ipswich Borough Council. This project will create 3 high value jobs, safeguard 30 jobs and provide support to 648 businesses. Funding has been approved subject to the project:
- providing further detail relating to the level of business support offered to businesses within the Ipswich Cornhill vicinity.
- providing further information on the project’s sustainability.
- providing best metrics to capture data from the project without duplicating that already counted from the existing capital funding of the Cornhill.
Doug Field, Chair of New Anglia Local Enterprise Partnership, said: “In developing the Innovative Growth Fund we set out clear ambitions for the fund to help deliver the aims of the Norfolk and Suffolk Economic Strategy and supercharge economic growth in our two counties. These projects have matched our ambition, each with a strong business case and the potential to create new opportunities for growth in two of our key industry sectors.
“One of the key themes of the Strategy is Collaborating to Grow. Each of these projects will work across boundaries, between public and private and industry sectors and geographical areas to maximise impact, benefit more businesses and create more jobs.”