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South: Thames Valley Berkshire to benefit from £25m European funding

25 March 2015
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Businesses and communities across Thames Valley Berkshire will have a chance to benefit from up to £25 million of European funding for growth and jobs now that the European Structural and Investment Funds (ESIF) Growth Programme has been launched by the Government.

The programme comprises three separate funds: the European Regional Development Fund (ERDF), the European Social Fund (ESF) and the European Agricultural Fund for Rural Development (EAFRD).  These all aim to increase economic and social prosperity in the sub region, and to create a more competitive, prosperous and inclusive economy.

Thames Valley Berkshire Local Enterprise Partnership (LEP) is encouraging local businesses and enterprises to bid for this funding, which requires match funding and is profiled over a seven-year period to 2020/21.

ERDF funding: There is an allocation of approximately £12m, the aim being to:
-  accelerate the development of the first Science Park in Thames Valley Berkshire
-  support a low carbon economy
-  protect our environment and promote resource efficiency.

ESF funding: A further £12m has been allocated to Thames Valley Berkshire, the aim being to:
-  promote employment and support labour mobility
-  increase significantly the supply of people with STEM skills
-  promote social inclusion and combat poverty in Thames Valley Berkshire
-  invest in education, skills and lifelong learning.

EAFRD funding: £1.1m of EAFRD funding is allocated to Thames Valley Berkshire and the initial focus will be on supporting businesses in rural areas.

Full guidance has now been posted on GOV.UK. This includes the latest versions of the ERDF and ESF operational programmes, the project selection criteria together with outline application forms and guidance, and the rules and requirements for each tund, including guidance on technical assistance. There is also a glossary of terms, to help understand some of the technical detail provided.

Tim Smith, chief executive of Thames Valley Berkshire LEP, said: “The LEP has an advisory role to the Government on how these funds are invested. In developing an ESIF (investment) strategy we have consulted extensively with a wide range of local partners and ensured that outputs will contribute to the implementation of our strategic economic plan.”

Added Steve Lamb, chairman of the Thames Valley Berkshire LEP Area ESIF Committee: "This is a significant milestone, which presents a real opportunity for local business and organisations. In addition to supporting the delivery of our strategic economic plan, ESIF also provides funding streams to tackle some of the more intractable problems facing our area. In this regard we are proud to play a role in supporting social inclusion, rural enterprise and the natural environment.”


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