City deals are agreements between government and an area that gives that area control to:
- Take charge and responsibility of decisions that affect their area.
- Do what they think is best to help businesses grow.
- Create economic growth.
- Decide how public money should be spent.
Our city deal was signed on 24 March 2014, securing £16 million government funding that will create nearly 1,500 jobs and unlock over £130 million of investment for our area (coupled with private sector leverage and local match funding).
The funding secured through the city deal will be allocated to:
- Funding to improve business support services focussing in particular on a new Business Growth Hub service (the LLEP Business Gateway) and the Regional Growth Fund which is set to create 744 new jobs.
- £2m to support the expansion of Loughborough University Science and Enterprise Park which will create up to 755 new jobs and the safeguard a further 400.
Oversight of the city deal programme sits with the LLEP board. You can find out more about the LLEP Board here.
The city deal document is available to download below.