New Anglia Local Enterprise Partnership is launching a call for innovative projects which support growth and help deliver the aims of the Norfolk and Suffolk Economic Strategy.
For the first time, the LEP is launching a call for revenue projects, rather than capital, with the establishment of a £500,000 Innovative Growth Fund. This call is separate from, but complementary to, the existing call for Growth Deal funded capital projects.
Projects will be assessed on a number of criteria, and should be able to demonstrate how they are:
- value for money
- additional to the ‘normal business’ of the organisation
- able to leverage further public or private funding
- impactful and innovative
- a clear fit with the aims of the Norfolk and Suffolk Economic Strategy
The Strategy sets ambitious targets for the area, including growing our £35bn economy by £17.5bn in real terms by 2036, creating 88,000 new jobs and 30,000 successful new businesses and making measurable improvements to skills and productivity in the two counties.
The Innovative Growth Fund has been created from income from the business rates generated by the LEP’s two Enterprise Zones.
Chris Starkie, Chief Executive of New Anglia Local Enterprise Partnership, said: “This is a new venture for the LEP. We’re looking to provide revenue funding for innovative projects which can punch above their weight, helping to deliver the aims of the Economic Strategy and supercharge economic growth in our two counties.
One of the key themes of the Strategy is Collaborating to Grow. We want new projects to demonstrate how they’re working across boundaries, between public and private, industry sectors and geographical areas. We know the ideas are out there. Now is the time to match their ambition with our own.
“We will prioritise projects which can demonstrate clear outputs, leverage in other funding and show how they will deliver our economic Strategy.”
Full guidance notes for potential applicants can be found here.
Interested organisations should contact Iain.Dunnett@newanglia.co.uk for more information and to request an application form. The final deadline for applications is Friday 21 December. Project appraisals will take place in January and February 2019, with the announcement of successful projects anticipated to take place in early April 2019.