18 September 2012 | Inside Housing | By Rhiannon Bury

The government has announced that £24 million of funding will go to local enterprise partnerships to allow them to drive growth in their areas.

An interim £5 million funding package will be made available immediately for all LEPs to use in the remainder of this financial year, followed by up to £250,000 per LEP per year for the following two years.

Ministers hope the 39 LEPs – designed to lead economic growth and job creation – will match fund the money locally.

Housing and local growth minister Mark Prisk said: “[This] boost will give local enterprise partnerships the financial stability they need going forward, to build on their early successes and tailor the support they offer to local needs. If matched by local support, this could mean that up to £45 million will be available to help LEPs turn their plans into jobs and growth.”

Business and enterprise minister Michael Fallon, said: “It is crucial we arm local enterprise partnerships with the tools and resources they need to play a prominent role in delivering growth and jobs for their communities. This funding will help LEPs plan for the long term and ensure they can remain locally-led instead of dependent on central government support.”

LEPs will be invited to bid for matched funding for 2013/14 and 2014/15, setting out how they would be able to offer a cash match from public or private resources.

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