Local Enterprise Partnerships (LEPs) will receive £5m of funding from the government’s startup fund to help finance their initial costs as they work to establish themselves.
The Department for Business had asked LEPs to bid for funding to help set up the partnerships. In total, the government received 32 proposals from the partnerships, totalling £5.5m.
Of the bids received, 18 LEPs have been offered their bid in full and 14 have been offered a reduced amount.
The startup fund is a one-off pot of money for 2011-12. As part of each LEP’s bid, they had to demonstrate how they would become self-sustaining in the future.
“The startup fund will allow LEPs to pay for things such as training for the board members, as well as support their work engaging with the wider business community,” says Business Minister Mark Prisk.
“In some cases, the LEPs have come up with some really innovative ways of using this money. This financial support will help the partnerships move up a gear.”
Thus far, a total of 37 LEPs have been approved by the government. Together, these LEPs cover 98 per cent of all businesses in England, or 23 million employees.
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