European Regional Development Fund boost for SMEs

European Regional Development funds are to target Local Enterprise Partnership areas for first time in a move towards more localised spending.

A share of the funding from the latest round of the European Regional Development Fund will be open to local organisations working with small companies.

The funding will seek to support innovation, boost businesses and create employment opportunities in local economies, and hopefully bring economic benefits that will have an impact beyond the area’s boundaries.

Due to their knowledge of what is required to increase local economy growth, Local Enterprise Partnerships and other local partners will decide the allocation and investment of funds.

£5Bn is being made available across the country from the 2014 to 2020 round of the European Regional Development Fund and the European Social Fund to fund local projects.

Local Growth and Northern Powerhouse Minister James Wharton said: “This funding will give the places a chance to contribute more to the national economy and unlock local potential. It will ensure we can build up local economies around the country and the Northern Powerhouse that will have a big and real and positive impact on people’s lives, delivering more jobs, more opportunities and a better future for all.

“We want local partners to come forward with how they want to use this money to drive forward their economy. As part of our long-term economic plan this money will provide a big boost to businesses and help create numerous jobs locally that will also benefit people living in towns and villages nearby.”

The main priorities of the ERDF programme are research and innovation, supporting and promoting small to medium sized enterprises and the creation of a low carbon economy.

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