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Local Growth Fund

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Local Growth Fund

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Local Growth Fund

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Local Growth Fund

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Local Growth Fund

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Local Growth Fund

Local Growth Fund

 

What is the Local Growth Fund?

The Government awarded a total of £265million to the South East Midlands LEP (SEMLEP) area from 2015 to 2021 for capital projects to support growth.
It is often also referred to as the Growth Deal. The SEMLEP Board is responsible for the funds and they ensure that the funds are spent properly.  To learn more about how decisions are made and how the money is monitored, please read SEMLEP's 2018 Assurance Framework.

The current approved programme of 37 projects are delivered under three themes:

  • Business – supporting productivity
  • People – enhancing skills
  • Place – building transport schemes and enabling housing and employment infrastructure

The Local Growth Fund investment programme aims to deliver over 40,000 jobs and 30,000 homes by 2030 as well as thousands of learners.

Take a look at the projects in our investment programme section.

2018 LGF bidding round

2018 LGF BIDDING ROUND

In July 2018, SEMLEP launched a new bidding round for capital investment opportunities through the Local Growth Fund.  

This bidding round was seeking a pipeline of new investment-ready projects for the programme which will complete and spend by end March 2021.  Successful projects had to demonstrate value for money and how they met the objectives set out in the South East Midlands Strategic Economic Plan > where innovation fuels growth. They should reflect the emerging themes of the Local Industrial Strategy and contribute to the development of the Oxford-MK-Cambridge Arc. 

The bidding round closed on Monday 1 October 2018.  34 bids were received requesting £118M of LGF funds. 

How and when are decisions being made?

All projects have been appraised by Hatch Regeneris, our independent appraisal expert.   SEMLEP follow the robust governance standards expected with investment of public money set out in our Assurance Framework. 

The Hatch Regeneris report was presented to the SEMLEP Board on December 11.  This report is available here. 

The Board have approved 16 schemes to go forward for due diligence.  11 are approved at outline stage and a further 5 will be further prioritised.  The second stage of project due-diligence will be undertaken in 2019 and will be reported to May and July Board meetings for final funding approval decisions.

For further information about the bidding round and the resources that were available please look at the  Local Growth Fund section of our resources hub to access appraisal information and tools relevant to the LGF application process. This includes further information about assessing market failure and tools to assist in calculating net GVA and learner outcomes. 

Download: LGF application proforma

Download: LGF 2018 Assessment Framework

Download: SEMLEP's 2018 Assurance Framework

Download: South East Midlands Strategic Economic Plan > where innovation fuels growth 

More information: emerging themes for the Local Industrial Strategy

Need more information?

If you want to know more about any aspect of the Local Growth Fund, or the projects please contact Judith Barker, Director of Programmes and Governance on judith.barker@semlep.com

For information about individual project appraisals, monitoring and evaluation, go to the Local Growth Fund section in our Resources Hub. Download our Local Growth Fund communications protocol. 

Local Growth Fund Investments

Read about our LGF-funded projects that are working to grow business, people and places in our Investments Programme section.

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