South East Midland’s LEP has announced £18 million of investment into the local area, with £7 million of this fund going into projects with an Enterprise Zone.
Economic development is the main aim of the investment from the Growing Places Fund, as it will go towards the creation of jobs, new infrastructure and housing.
SEMLEP will support 5 projects from Northampton Waterside Enterprise Zone, which will receive funding once the second stage of their plans have been successfully completed.
Cllr David Mackintosh, Leader of Northampton Borough Council, said: "This is a significant investment in the Enterprise Zone that will really kick start our plans. The funds will help us deliver a range of schemes that will push development forward and unlock the massive potential that the area has to bring jobs to Northampton.”
Famous site for Formula 1 racing, Silverstone, will be granted £4 million to invest in utilities. Cllr Mary Clarke, Leader of South Northampton Council commented: ““The decision to invest in the site is welcomed by us all and will provide opportunities for companies located in the area to benefit from this emerging centre of high performance engineering excellence. It is a great example of the public and private sector working together to develop the economy locally. This will help maintain Silverstone’s position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motor sport destination.”
SEMLEP’s investment will also give backing to extend the east of Kettering by building 5,500 sustainable and energy efficient homes, which will create 6000 jobs over the next ten to fifteen years.
The Local Enterprise Partnership hope that this will also encourage further investment in the area.
Giving further support to environmental projects, SEMLEP with grant funding to Electric Corby as part of the division of the Growing Places Fund.
The company will research and deliver the capacity for the area to be greener, as well as providing low carbon vehicles. This scheme will accelerate the delivery of attractive homes with the incentive of a Zero Energy Bill Home.
Also benefitting from the fund will be Marston Vale Innovation Park in Bedfordshire. They will receive £2.5 million to develop infrastructure and accelerate a £200 million development as well as creating 1,600 jobs in manufacturing and engineering. This project will also see the creation of 500 homes over the next decade.
Bedford Western Bypass will be the recipients of £3 million, allocated towards enabling the advancement of housing and employment ventures in the area.
Dr Ann Limb OBE, Chair of SEMLEP said “The allocation of Growing Places Fund resources is an important step for SEMLEP.
“All of these projects will contribute significantly to economic growth in the area. The revolving nature of the fund means that we will be able to invest in more projects in the future.”