New Anglia LEP launches £1.5m innovative projects fund

New Anglia Local Enterprise Partnership’s Innovative Projects Fund is inviting submissions from new revenue projects which help to deliver the ambitions of the Economic Strategy and Local Industrial Strategy.

Successful projects will have the potential to support the delivery plan for the Economic Strategy for Norfolk and Suffolk on the themes of driving inclusion and skills, our offer to the world, driving business growth and productivity, collaborating to grow and competitive clusters close to global centres.

The first call of the Innovative Projects Fund was made in October 2018. Schemes awarded funding in that round include Growing the Year Round Economy, a schedule of events led by Visit East of England on the newly-refurbished Ipswich Corn Hill, as well as work to support the international positioning of Great Yarmouth’s energy sector.

This Innovative Projects Fund call brings together £500,000 from income from the business rates generated by New Anglia LEP’s Enterprise Zones, £500,000 of pooled business rates from Norfolk local authorities and £500,000 of pooled business rates from Suffolk local authorities.

Chris Starkie, chief executive of New Anglia Local Enterprise Partnership, said: “This is a fantastic opportunity for projects to bid for revenue funding to deliver new exciting projects which help to deliver economic growth. We are delighted that local authorities are matching our investment into the Fund through pooled business rates.

“The first initiatives to be supported by the Innovative Projects Fund a year ago are already delivering outputs and making a difference so we’re keen for more ambitious schemes to come forward and bid for funding this time.

“Delivering on the ambitions in the Economic Strategy is key to everything we do and this fund gives ideas which push the boundaries the chance to start making a difference.”

Interested organisations should contact tanya.nelson@newanglia.co.uk for more information and to request an application form.

The final deadline for applications is Friday 20 December 2019.

Project appraisals will take place in January and February 2020, with the announcement of successful projects anticipated to take place in spring 2020.

Projects must:

• Represent new innovative activity;
• Be able to demonstrate their contribution to the delivery of both the Economic Strategy and where applicable the Local Industrial Strategy through direct and indirect outputs;
• Wholly benefit Norfolk or Suffolk residents or businesses;
• Be State Aid compliant;
• Be able to demonstrate the need for funding and the additionality achieved by the funding;
• Plug a funding gap that cannot be met by other grant programmes;
• Be for revenue funding only, although purchase of small plant, equipment etc could be admissible;
• Match funding up to 50% would be an advantage, this can be match funding in kind (e.g., staff time) but must be for new activity (existing staff positions working on the new project must be backfilled);
• Support inclusive growth.

Read the full guidance for applicants here