Two West Midlands Local Enterprise Partnerships have successfully applied for grants totalling £23.67 million from the Government’s Growing Places initiative.
Coventry and Warwickshire Local Enterprise Partnership (CWLEP) is to get £8.67 million and the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) will receive £15 million.
The funding from the Department for Communities and Local Government is designed to stimulate growth by improving infrastructure in projects which support homes and jobs.
The allocations have been calculated based on LEP areas’ populations and the population’s ‘employed earnings’.
Denys Shortt, chair of the Coventry & Warwickshire LEP said: “Our funding allocation is slightly more than we expected and means we can invest even more in the local economy.
“The Coventry and Warwickshire Growing Places Fund gives us the opportunity to invest in and kick-start developments that will generate jobs and growth.”
While a decision on what projects in Birmingham and Solihull will receive cash will not be made until February 23, it is believed that the Icknield Port Loop site in Edgbaston is considered one of the schemes that would offer the greatest return on an investment.
The 22.5 hectare regeneration scheme could see 1,150 homes, shops, a landmark ten-storey hotel, park and playground and a pub.
Coun Alan Cockburn, Warwickshire County Council’s portfolio holder for Sustainable Communities and CWLEP board member, said: “This is an important Government announcement which will help stimulate economic growth in the sub-region.
“We have already started work on developing the processes which will deliver the Coventry and Warwickshire Growing Places Fund.
“The funding pot will be managed by the LEP and it will aim to recycle funding by making repayable investments in projects, and reinvesting when money is returned to the fund.”