Local enterprise partnerships are locally-owned alliances between councils and companies, chaired by business professionals and were first set out in June 2010. There are now nearly 40 partnerships.
Partnerships were asked to bid for a share of the funding which will help them finance things such as training and other initial costs as they work towards establishing themselves.
The Government received 32 proposals, totalling £5.5 million. Of the bids received, 18 partnerships have been offered their bid in full and 14 have been offered a reduced amount.
Business Minister Mark Prisk made the announcement as he met with the Cornwall and the Isles of Scilly local enterprise partnership.
Mark Prisk said the start up fund will help partnerships set themselves up as well as support their work engaging with the wider business community.
This financial support will help the partnerships move up a gear. I’ve heard today about the plans for Cornwall and the Isles of Scilly and I’m looking forward to hearing about how further LEPs translate the ideas we’ve seen into real action to help businesses in their area and unlock growth.
The start up fund is a one off pot of money for 2011-12. As part of each partnership’s bid, they had to demonstrate how they would become self-sustaining in the future.
Back in March, Prime Minister David Cameron attended the first meeting of Local enterprise partnerships from across the country and said they were “fundamental to the growth agenda”.