Providers set to benefit from 2015-16 funding allocations for local enterprise partnerships
The government has announced how it will split £2bn over the next financial year between 39 local enterprise partnerships (Leps) across the country — which will spend a proportion of that cash on FE projects.
All the Leps submitted strategic economic plans three months ago which set out their bids for a slice of the £2bn-a-year Local Growth Fund allocation for 2015-16.
This money must go towards schemes that help drive local economic growth — which can, for example, include training schemes and capital projects through FE providers.
The Leps learned from the Cabinet Office today how much they will receive for 2015-16 and received additional guidance on how much cash they should expect in 2016-17.
One of the beneficiaries was South East Midlands Lep which received £6.5m for 2015-16 to build a new campus in Daventry to be run by Northampton College.
Building work will begin next May on the campus which will cater for 700 students, of which 200 will be apprentices.
Northampton College principal Pat Brennan-Barratt said: “I am delighted that our bid for this new facility has been approved.
“We will offer vocational education for 16 to 18 year olds and adults and work with employers to provide apprenticeships for local people.
“As a college our ambition is to be the first choice for education and training in Daventry and our plans demonstrate our ongoing commitment to the town and the local community.”
South East Midlands Lep was awarded a total of £64.4 million for all growth projects for 2015-16.
Dr Ann Limb OBE, chair of South East Midlands Lep and former principal of Cambridge Regional College, said: “We are delighted our strategic economic plan has been agreed by government.
“This funding will provide support to new and existing businesses to enable them to grow, it will encourage inward investment and ensure that young people improve their skills levels and are better able to meet the needs of local businesses.”
Liverpool City Region Lep announced it had been allocated more than £40m funding over 2015-16 and 2016-17 for colleges.
A spokesperson said that “£41.1million has been allocated for skills capital funding in 2015-16 and 2016-17 that will enable city region colleges to be able to enhance and develop facilities ensuring the region’s educational establishments have the facilities to match the demands from business.
“This includes an allocation for an innovative new £7.5m fund to assist colleges to invest in being more energy efficient as part of the City Region’s overall ‘LCR2Energy’ ambition to achieve energy self-sufficiency within 20 years. No other part of the country has secured such a fund”.
Liverpool City Region Lep received £230m in total over the next five years.