Multi-million Investment for Greater Lincolnshire

News release

11th July 2013

The Greater Lincolnshire Local Enterprise Partnership has today welcomed news that five Regional Growth Fund (RGF) bids in the area have been successful, bringing in least £15 million to the local economy.

The LEP, which was asked to support some of the applications, says the funding will go a long way to securing the economic future of the area. The successful bids include £1m for the University of Lincoln and £3.3m for North East Lincolnshire Council, which will support a Food Manufacturing Cluster Programme.

A further three bids from Lincoln-based Bifrangi (UK) Limited, Dynex Semiconductors and Frontier Agriculture have also been given the go-ahead, although the amounts have not yet been confirmed. Each application is subject to final contracts being signed.

Ursula Lidbetter, Chair of the Greater Lincolnshire LEP, said: “It is very good news that so many Greater Lincolnshire businesses are able to benefit from the RGF. This level of investment will help each of them deliver projects which will boost the local economy.

“The fund will sustain existing jobs and help to create new ones at a time when employment opportunities are much in demand. It will also help to cement Greater Lincolnshire place as a frontrunner in the manufacturing and agri-food sectors and retain highly-skilled workers to the area.”

The £3.3m for North-East Lincolnshire Council will also see £25.8 million of private sector leverage to help develop the UK's Leading Food Manufacturing Cluster. It is estimated that 389 jobs will be created from the development, plus a further 297 construction jobs.

Cllr Chris Shaw, Leader of NELC, added: “This is really exciting news and demonstrates that once again we are securing funds to assist the area to flourish in yet another one of our key sectors, the food manufacturing industry.

“Securing these funds with the support of one of our key partners, the Greater Lincolnshire LEP, means we will see further investment in the area which will stimulate the local economy, create jobs and supports the council’s key priorities to create a stronger economy and stronger communities.”

A further £1m RGF bid came from the University of Lincoln to finance the Lincoln Growth Fund, which aims to create 135 jobs and provide grants averaging £50,000 to around 20 businesses in the city as part of the development of the Lincoln Science and Innovation Park.

The university will lead the delivery of the programme with support from the Lincolnshire Echo and Lincolnshire Co-operative.

Professor Mary Stuart, Vice Chancellor at the University of Lincoln, said: “This investment will be of direct benefit to many local businesses and the wider impact will be seen across Lincoln, offering numerous employment opportunities. This successful bid for funding highlights the efforts of the many fantastic businesses already based in Lincoln and I look forward to seeing our city continue to thrive in the coming years.”

CEO of Dynex, Paul Taylor, also commented: “Our award is great news for Dynex and for Lincoln, and the timing is perfect. We are currently working in cooperation with our parent company, CSR Times Electric, to lay out our Research and Development activities over the next five years. This funding when confirmed will enable Dynex to sustain such activities in the UK, increasing our technical knowledge, adding value for our shareholders and creating jobs locally.”

The RGF aims to help manufacturing firms, small businesses and local partnerships across England to expand their operations, create new jobs and stimulate growth. This is the fourth round of funding for the RGF.

The Round 4 pot was increased to £506 million from the original £350 million announced. This comes from recycling existing RGF money which has been previously allocated to a project or programme but the amount of investment changed or the bid was subsequently withdrawn.

Ends

Notes to Editors:

About the Greater Lincolnshire LEP

• The Greater Lincolnshire Local Enterprise Partnership is a private and public sector partnership led by the private sector which aims to improve conditions for infrastructure and doing business in the Greater Lincolnshire area.
• One of the first LEPs to be established in the UK, the Greater Lincolnshire LEP covers a large geographical area with a population of over one million and a diverse range of industries, from ports and logistics to farming, tourism and engineering.
• It includes North and North-East Lincolnshire and the administrative county of Lincolnshire and is controlled by a LEP board made up of leading figures in the public and private sector.

About the Regional Growth Fund

• The Regional Growth Fund (RGF) is a flexible and competitive £3.2 billion fund operating across England from 2011 to 2017. It supports projects and programmes that are using private sector investment to create economic growth and sustainable employment.
• Broken down for Round 4, £314m will go directly to the private sector, comprising 60 awards to companies and 12 private sector run RGF programmes. £192m has been awarded to 30 other programme beneficiaries such as local authorities and Local Enterprise Partnerships to support local growth priorities in their areas.
• The 102 selected companies and intermediaries were whittled down through a competitive process from a long list of 309 applications which asked for over £1.9 billion.
• In the latest spending round the Treasury announced a further £600 million funding for the Regional Growth Fund (RGF) across 2015-16 and 2016-17 to support projects and programmes to create economic growth and sustain private sector employment.
• For further information please visit www.gov.uk/understanding-the-regional-growth-fund

Cerri Delaney
Shooting Star PR
01522 528540
07985 143990
cerri@shootingstar-pr.co.uk
www.shootingstar-pr.co.uk
t: @CerriDelaney

Tags: