We have received an enormous amount of interest in our LGF 3B funding round.
In total, 60 strategic outline business cases have been submitted to SELEP following support being secured from local SELEP federated boards.The total Local Growth Fund (LGF) ask from the bids submitted to SELEP is over £145m.
A wide range of projects
A wide range of projects have been submitted for this latest funding round. This includes projects aimed at increasing skills, delivering new commercial space and improving transport infrastructure.
A single pipeline of projects
The development of SELEP’s LGF investment pipeline (pipeline of projects) will inform future funding decisions, as projects included in SELEP’s investment pipeline will be considered for Local Growth Fund as underspend becomes available.
As such, we can demonstrate that our investment programme demonstrates high value for money for spend of tax payers money. Furthermore, this puts us in a strong position to bid for future funding from Central Government, given the clear demand for infrastructure investment in our area.
Evaluation and next steps
The Strategic Outline Business Cases are currently being assessed by SELEP’s Independent Technical Evaluator. This will include consideration for the case of benefits which can be delivered, the pace of benefit realisation and risks to the delivery and ongoing operation of the project. The outcome of the technical project appraisal will be presented to SELEP’s Investment Panel on the 7th December.
Big thanks
We are continually grateful to all partners across the South East who work tirelessly to conceive, prepare and evaluate projects, projects that will deal enormous economic benefits for all across the South East.
About LGF 3B
Of the total amount funding allocated to SELEP by Central Government, £570m, £561.6m has been allocated to a total of 97 LGF projects, with £8.3m LGF remaining unallocated.
SELEP is using this unallocated £8.3 million as capital grant funding available to support to identify short-term projects, which will see funds spent by March 2021, across Kent, Medway, Essex and East Sussex. Projects that deliver clear benefits in supporting economic growth; new jobs, homes and skills.
Government’s Growth Deal
Through three rounds of Local Growth Fund (LGF) allocations by Central Government, SELEP has secured a total of £570m investment in 97 projects across SELEP, aimed at boosting skills, unlocking barriers to development and driving economic growth.
To date, a total of 86 projects have been awarded funding by SELEP Accountability Board.