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£1.5 million fund to back innovative projects in Norfolk and Suffolk

PUBLISHED: 07:30 10 October 2019 | UPDATED: 08:05 10 October 2019

Norwich (top) and Ipswich (bottom) are set for an innovation boost along with the rest of the region thanks to fundign and exposure from the New Anglia LEP. Picture: Archant

Norwich (top) and Ipswich (bottom) are set for an innovation boost along with the rest of the region thanks to fundign and exposure from the New Anglia LEP. Picture: Archant

Archant

Projects looking for funding are being offered the chance to pitch for a chunk of a £1.5m innovation fund.

The New Anglia LEP has announced it has the sum to spend across Norfolk and Suffolk, to help deliver its economic strategy.

The LEP are looking for projects which represent a new activity and benefits local businesses or residents.

Successful projects will also need to demonstrate the need for funding, and be for revenue funding only.

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Chris Starkie, Chief Executive of New Anglia LEP, said: "The first initiatives to be supported by the Innovative Projects Fund a year ago are already delivering outputs and making a difference so we're keen for more ambitious schemes to come forward and bid for funding this time.

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"Delivering on the ambitions in the Economic Strategy is key to everything we do and this fund gives ideas which push the boundaries the chance to start making a difference."

The fund brings together £500,000 from income from the business rates generated by New Anglia LEP's Enterprise Zones, £500,000 of pooled business rates from Norfolk local authorities and £500,000 of pooled business rates from Suffolk local authorities.

The LEP is making further moves to promote business in the region having announced it will be showcasing the new Norfolk and Suffolk place brand at the UK's leading property event.

Representatives from Norfolk and Suffolk Unlimited will travel to MIPIM in London next week to meet with some of the 2,300 attendees from around the world.

The representatives will specifically be marketing six sites in the region: Great Yarmouth's North Quay, the Hornbill Business Park Enterprise Zone, Norwich Research Park, Snetterton Heath, Western Way and Nar Ouse Enterprise Zone.

Doug Field, chair of the New Anglia LEP, said: Doug Field, chair of New Anglia LEP, said: "Norfolk & Suffolk's economy is one of the fastest growing in the country and is rich with opportunities for property developers and investors.

"Rents and rates here are better value than in many parts of the UK, we have excellent connections to London, Cambridge and overseas markets and our Enterprise Zones deliver a package of benefits. There has never been a better time to invest in the region."

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