North East LEP: £30m for new regional investment

The North East LEP has announced a major new funding plan that will see up to £30 million invested in new development projects as part of the LEP’s 2014 Growth Deal with the Government.

The scheme will support developments linked to the region’s areas of smart specialisation:

  • Passenger vehicle manufacture
  • Subsea and offshore technology
  • Life sciences and healthcare, and
  • Creative, digital, software and technology-based services

The new round of funding will support projects that can begin work either this year or early next year, and that will have a significant impact in growing the North East’s economy.

North East LEP’s successful projects

Helen Golightly, Chief Operating Officer at the North East LEP, said:

“We’ve already seen some hugely successful projects being delivered in the North East thanks to this funding. We hope this latest funding will see more investment in infrastructure which creates jobs in the North East.”

This funding will be available to invest in ideas similar to existing projects, such as:

  • Tyne Metropolitan College’s new IGNITE Centre for Engineering and Innovation (opened in December 2015), which aims to provide industry approved engineering qualifications,
  • The new Centre for Enterprise and Innovation at University of Sunderland (due to open later in 2016). The Centre will provide a central hub for applied research, and it will help create hundreds of jobs in innovative sectors and start-ups, and
  • The Sill, a new tourism development centre in Northumberland, which is expected to create at least 120 jobs in the area. It will also house between 10 and 20 rural businesses.

To apply for this round of funding, interested parties must complete an Expression of Interest form and submit it before 23:59 on 8 April, 2016. There are no strict upper or lower thresholds to project size or amount of support needed, though projects must be in the later stages of planning in order to apply.

For more information about the available funding, and for more details on how to apply, visit the North East LEP site.

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