The Solent Local Enterprise Partnership has today opened a new £12.5m fund to help create jobs, support businesses and encourage growth in the area.
The LEP is seeking employer-led skills capital proposals that address skills issues in the Solent area, which will be considered alongside key infrastructure projects unable to secure funding through the recent Solent Growth Deal 3.
Applicants to the new fund will be able to apply for funding to cover up to 70% of the initial costs of a project which will unlock wider private sector investment in the area.
Anne-Marie Mountifield, Solent LEP Chief Executive, said:
This new fund is an exciting opportunity for Solent LEP to unlock more than £68m of additional investment into the Solent economy. This would be a huge investment for the local area and could represent a truly transformational opportunity. However, our ability to do this will depend on us securing strong proposals from potential investment partners.
Whilst we are aware of some of the exciting projects which may come forward based on our work last year to develop a Local Growth Deal proposal, we are really keen to see additional proposals come forward that focus on delivering the skilled workforce our businesses need to ensure the Solent economy can compete on an international stage in the years ahead.
Organisations have until 29th September 2017 to develop their business cases and the LEP hopes to see construction underway on the first projects supported through the new fund by April 2018.
Further information on the fund and how to apply is available here.
The Solent LEP will be holding a briefing session on 3rd May 2017 to provide further information on this fund. To find out more please click here.