CWLEP area win majority of RGF fund
The Coventry and Warwickshire LEP has greeted news that the area has won the majority of the Regional Growth Fund for the region as a “massive boost” to the local economy.
Nine projects put forward by local firms have been successful in bidding for the funds, while the LEP – formed to create jobs and boost the economy of Coventry and Warwickshire – has been awarded £24.4 million.
That LEP funding will be used to help companies expand by buying assets through grants, and to boost infrastructure projects which will lead to job creation.
It has identified advanced engineering, low carbon vehicles, and digital technologies as key sectors for the funding.
Sir Peter Rigby, chair of the LEP, who runs the largest privately-owned IT company in Europe, said: “This is great news for the West Midlands and for Coventry and Warwickshire.
“The West Midlands has won more funding than any other region in the country while Coventry and Warwickshire has more successful projects than any other area in the West Midlands.
“I think the success of our companies underlines the strength of our industrial landscape.
“These bids are very carefully judged by the Government and all have to have the potential to stimulate expansion, create jobs and therefore add prosperity to the economy.
“The fact that we have nine successful projects spread among six of our key companies is a massive boost to the local economy.
“The LEP will be offering support to any of the companies to help them in any way we can to maximise the effects of this funding.”
The £24.4 million funding for the LEP is expected to be distributed from early next year.
John Mutton, leader of Coventry City Council and vice-chair of the LEP, said: “We now have the resources we need to really help our local area develop as a competitive, innovative, low carbon economy.
“Amongst other things the programme will give direct help to expanding businesses and provide them with employment sites in which they can flourish.
“This and the success of our local bidding companies will make a significant difference to key areas of our economy.”
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