News article

Businesses and enterprises based within the SEMLEP geography - an area which covers Aylesbury, Bedford, Central Bedfordshire, Corby, Daventry, Kettering, Luton, Milton Keynes, Northampton and South Northamptonshire - are invited to bid for a slice of European Structural Investment Funding (ESIF) from today, with funding worth around £79m which will be delivered over the next six years.

The money comes from three separate funds – the European Regional Development Fund (ERDF), the European Social Fund (ESF) and the European Agricultural Fund for Rural Development (EAFRD) – all aiming to increase social and economic prosperity and to create a more competitive, prosperous and inclusive economy.

SEMLEP is one of only five LEPs in England to launch EAFRD funding today.

Here’s details on the funding available from today:

•The first calls for local projects wishing to make an application for a slice of the ERDF funding has been launched today, with an initial allocation of £19m up for grabs.

•A total of £6m has been allocated to low carbon projects, while a further £6m has been set aside for proposals which look at ‘stimulating enterprise’ and ‘enhancing the competitiveness’ of small to medium sized businesses.
•Projects which ‘strengthen and exploit innovation and knowledge assets’ will be competing for a share of £3.6m while an additional £3.4m has been earmarked for ‘buildings for growth’.
•The scheme requires applicants to provide 50% match funding, which can be from either the public or private sector. Calls will be open for between four weeks and three months.
•Meanwhile, an additional £825,000 of EAFRD funding will be made available from today, offering capital based grants for small to medium sized businesses in rural areas, with priority towards supporting our food and drink and tourism sectors.
•ESF funding, which will bring up to £37m into the South East Midlands, is also launched nationally today.

Councillor Peter Marland, SEMLEP Board Director and Leader of Milton Keynes Council, said:“SEMLEP has worked hard to secure European funding on this scale and it should be a real boost for our local economy. We have worked closely with all the relevant agencies and partners to be one of the first to launch this programme of funding to help projects in our area benefit from investment at the earliest opportunity.”

View the SEMLEP website for more information on European funding available here in the South East Midlands.

View the Gov.UK website for further information about this funding stream.