Lincolnshire’s Local Enterprise Partnership (LEP) will be given over £8 million by the Housing Minister for funding economic growth and New Homes Bonus payments.
Lincolnshire LEP is one of of 38 LEPs to receive the funding from central government, due to its previous successes, which will be put towards various projects to boost the local economy.
The county gets £6,615,807 of the £460 million Growing Places Fund made available to LEPs, plus a further £1,495,170 (out of a £430 million pot) due to moving into year two of New Homes Bonus payments.
The main aim of the new funds is to focus on housing projects, which are vital to improving the nation’s economy, according to Housing Minister Grant Shapps.
The Growing Places Fund hopes to help create new homes as well as get projects on hold moving again, therefore boosting other local projects.
However, it is up to the local LEP and councils to decide where the money will be most beneficial.
Ursula Lidbetter, chairman of Lincolnshire Enterprise Partnership, said: “Ultimately, this is about boosting the economy and creating jobs.
“We’ll be looking to help existing schemes that have already made good progress, but are in need of funding to reach the next stage – this will be the quickest way to kick-start business and housing growth.
“And we’ll be focusing on the things Lincolnshire does best, like agriculture, tourism and renewables.”
Housing Minister Grant Shapps: “Today’s announcement represents a massive cash boost of nearly £1 billion to communities with a track record of going for growth, and with ambition to go even further.
“The Growing Places Fund will unlock further sites for development, creating new jobs in those areas, while the New Homes Bonus recognises the efforts that have been made over the last year to deliver thousands of new homes and bring empty properties back into use.
“I look forward to seeing how this significant investment will change the shape of communities across the country.”