£110m to boost local economy

News from the Lincs Free Press and Spalding Guardian, spaldingtoday.co.uk, @LincsFreePress on Twitter
News from the Lincs Free Press and Spalding Guardian, spaldingtoday.co.uk, @LincsFreePress on Twitter

Lincolnshire has been awarded more than £110million to stimulate economic growth and jobs.

Business secretary Vince Cable has today revealed the area’s share of the European Regional Development Fund (ERDF) and the European Social Fund (ESF) for 2014 to 2020.

The money will be used to provide training schemes, particularly for the unemployed, to fund support for local businesses and to enable economic development projects, such as the creation of much-needed business premises and other infrastructure.

Lincolnshire County Council and Greater Lincolnshire LEP will now draw up a strategy for how to use the money.

It is anticipated that eligible local projects will be able to bid for a share of the funding from spring 2014.

Coun Colin Davie, executive member for economic development, said: “An investment of this size is going to have a significant impact on the county economy, and is a substantial increase from the £28million we were awarded last time.

“This money is going to mean that a lot of worthwhile projects will go ahead.”