LEPs launch cross-border RGF bid
Three West Midlands LEPs have joined forces with thier Liverpool City Region counterpart to launch a Regional Growth Fund (RGF) bid.
The Greater Birmingham and Solihull, Coventry and Warwickshire, Black Country and Liverpool City Region LEP said they have submitted a combined bid which would involve establishing an investment fund to boost cross-border economic growth.
The four LEPs said they will address the needs of sustaining advanced engineering and manufacturing, focusing on the automotive and aerospace sectors.
If successful, finances from the joint bid will be utilised to fund capital projects and stimulate business growth among small and medium sized companies. Capital grants would also be available to enable suppliers to bid for contracts.
Andy Street, chair of the Greater Birmingham and Solihull LEP, said: "As a board, we recognise the benefits of LEPs working together to generate the finance and innovation that is needed to develop long-term sustainable growth through private sector enterprise, including social enterprise initiatives.
"By working together, the four LEPs will be able to ensure that the appropriate business support structures are available at a local level to meet the demands of an increasingly competitive global market."
The cross-border LEPs are expecting to hear if their bid has been successful in September.
