HOW WILL THE LCR URBAN DEVELOPMENT FUND BE USED?
As a Combined Authority, with support from the European Regional Development Fund, our investment programme focuses on five key themes: green, business, innovation, inclusive economy and place & connectivity. These themes will be key to ensuring the genuine strengths of LCR are harnessed and maximised. The fund will also support the development and delivery of an integrated approach across LCR, which focusses on meeting identified local needs and opportunities. This is why we have made available funding to support three priority axes:
- Priority Axis 1(a): “Enhancing Research and Innovation (R&I) infrastructure and capacities to develop R&I excellence, and promoting centres of competence”;
- Priority Axis 3(c): “Supporting the creation and extension of advanced capacities for products, services, and development”, and
- Priority Axis 4(b): “Promoting energy efficiency and renewable energy use in enterprises”.
Devolution gives us the opportunity to do things differently – and one of the ways we will do that is by making clear to those who apply for funding, that they will have a better chance of success if their bids demonstrate positive social impact on our communities. These are the projects that promise to use local labour, refuse to use zero-hour contracts, create apprenticeships and pay the real living wage.
The LCR Urban Development Fund is receiving up to £25million of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for the European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding