The Greater Cambridge Greater Peterborough Local Enterprise Partnership (LEP) has announced £5million of funding to support creative and innovative ways to achieve economic growth.

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Mark Reeve, LEP chairman, revealed the second round of the Growing Places Fund in front of 130 Cambridgeshire businessmen at the Marriott Hotel in Huntingdon on November 28.

He said: “We are able to launch this £5m call for projects following on from a successful first round of projects that have repaid their loans. In 2013, we provided £16.1m of Growing Places funding to a range of different projects to unlock their potential, with £5m being paid back already, proving that this type of funding works.”

The fund offers loan finance, with a minimum bid value of £100,000 and is primarily targeted at projects which can be repaid in less than three years. The projects can include loans for SMEs to start up and grow, construction of a new office, access works to unlock commercial developments and more.

INFORMATION: The project launches on January 24 with expressions of interest made before March 7.

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