Growth Deals provide capital funding from the Government's Local Growth Fund to local economies via Local Enterprise Partnerships (LEPs). LEPs then invest in local projects which help overcome strategic barriers to growth - from road improvements and incubator space, through to new skills facilities and space for innovation.
Between 2014 and 2016, the Greater Cambridge Greater Peterborough Local Enterprise Partnership successfully bid for three trances of Local Growth Funding, via 'Growth Deals' with Government (for more information see the key downloads at the bottom of this page). The value of this programme is £146.7 million which must b e spent between 2015 and 2021. Of this, around £98 million is committed to projects, leaving just under £50 million left to allocate.
Growth Deal is capital funding only, to be invested as loan or grant in projects or programmes which will have significant impact on growth in the LEP area.
All funding set out in the prospectus is available across the Greater Cambridge Greater Peterborough area - Cambridgeshire, Peterborough, Rutland, Kings Lynn West Norfolk, St Edmundsbury and Forest Heath (West Suffolk), North Hertfordshire, South Kesteven, South Holland and Uttlesford, Essex. This coverage may change subject to the outcome of Government's review of Local Enterprise Partnerships.
The Business Board, as the new Local Enterprise Partnership for the Greater Cambridge Greater Peterborough area, will receive and consider new applications for funding which will be recommended to the Combined Authority for approval, contracting and monitoring.
A Growth Prospectus is planned to be published in May 2019 alongside the Local Industrial Strategy, to invite proposals that meeting the priorities of the strategy.
The Local Industrial Strategy has been produced following the publication of the Cambridgeshire and Peterborough Independent Economic Review, which is publicly available at www.cpier.org.uk.
The Business Board is working alongside the Combined Authority to implement the recommendations of the Independent Economic Review, and the Combined Authority priorities are captured within the Business Plan 2019-29 which is available below.
Potential applicants to programmes within this Prospectus should email GrowthFunds@cambridgeshirepeterborough-ca.gov.uk or call 01480 277180 in the first instance.
Your enquiry will be forwarded to the appropriate team to guide you through the application process.
Strategic Economic Plan (2014)
Growth Deal Round Two Bid (2015)
Growth Deal Round Three Bid (2016)
Business Plan (2019/20)