Millions of Pounds of Funding to Help Small Businesses in London Reach their Full Potential
10 August 2015
For the first time European Regional Development funds are targeted at Local Enterprise Partnership areas in a shift to more localised spending.
- Local firms across the area to benefit from £525million funding that will help create jobs and boost skills
- Funds to be locally-led from the start
Local organisations working with small firms around London are able to apply for a share of funding from the latest round of the European Regional Development Fund.
The funding will support innovation, boost businesses and create jobs across local economies and bring benefits to the wider area that will be felt beyond the area’s boundaries.
The London Enterprise Panel and other local partners will play a key role in shaping how the money is allocated and invested.
Department for Communities & Local Government Local Growth Minister James Wharton said:
“This funding will give London a chance to contribute more to the national economy and unlock local potential. It will ensure we can build local economies that will have a big and real impact on people’s lives, delivering more jobs, more opportunities and a better future for all.
“We want local partners to come forward with how they want to use this money to drive forward their economy. As part of our long-term economic plan this money will provide a big boost to businesses and help create numerous jobs locally that will also benefit people living in towns and villages nearby.”
Harvey McGrath, Deputy Chair of the London Enterprise Panel said “ERDF is an important source of funding for supporting economic growth in the capital, and will build on the successes of the 2007-13 programme. The London Enterprise Panel will be looking to ensure a range of projects are brought forward to help boost the capital’s economy.”
Around the country £5 billion is being made available from the 2014 to 2020 round of the European Regional Development Fund and the European Social Fund to fund these local projects.
Previous projects supported by the development fund include the British Library’s ‘Innovating for Growth’ project and the London Green Fund. The 2007-2013 round of ERDF created 2,790 jobs across London so far from £153million of funding
The new programme is built from the local priorities of England’s 39 Local Enterprise Partnership areas who know best what is needed to boost growth locally. All funding decisions will be taken within this framework.
The main priorities of the European Regional Development Fund programme are research and innovation, supporting and promoting small to medium sized enterprises and the creation of a low carbon economy.
Notes to Editors
- Across England, a single European Structural and Investment Funds Growth Programme for the 2014-2020 funding period has been set up to combine three separate European Funds. These are the European Regional Development Fund (ERDF), the European Social Fund (ESF) and part of the European Agricultural Fund for Rural Development (EAFRD). EAFRD is not available in London.The total European Regional Development Fund for the 2014-2020 funding period across England is €3.6bn (approximately £2.6billion). This sum will be supplemented by national public and private funds.
- Projects calls are now live on the GOV.UK website.
- The £525million funding allocation quoted includes the European Social Fund.
- The funding allocation can go up or down according to the Euro:Sterling exchange rate.