£500M fund to unlock the potential for economic growth in the UK

Published: 08/12/2011

UK Communities whose ambitions for economic growth have been stilted could benefit from a multi-million pound boost to help get their building projects off the ground.

The £500M Growing Places Fund will be available to help boost economic growth by kick starting building and infrastructure projects – enabling the creation of new jobs and homes.

The Fund aims to give more power to local business and organisations – with the Local Enterprise Partnerships able to apply for the funding and take decisions on local priorities. The funds will be allocated from the end of January 2012.

The Growing Places Fund is designed to be used for a range of projects that help facilitate economic growth, jobs and house building in the local area.

Types of projects could include; early development of strategic link roads, provision of flood storage capacity to enable development of homes and works that improve local connectivity and reduce congestion through interventions such as extending dual carriageways.

Growing Places Fund Prospectus

The Growing Places Fund will provide £500m to enable the development of local funds to address infrastructure constraints, promoting economic growth and the delivery of jobs and houses. The short, high-level prospectus sets out how the fund will operate and invites proposals from local partnerships, who will need to complete and submit the Pre-Qualification Questionnaire.

Further information on how to apply for a share of the £500M Growing Places Fund can be found on the Communities and Local Government website.

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