£3.4 Million Government funding coming to region

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£3.4 million in funding for schemes benefitting Peterborough, Fenland and Huntingdonshire aimed at boosting skills, entrepreneurship and economic recovery has been secured by the Combined Authority.

The Government’s Department for Levelling Up, Housing & Communities announced yesterday which bids to its Community Renewal Fund (CRF) had been successful.

The Cambridgeshire & Peterborough Combined Authority led the region’s application to the CRF, aimed at helping regions to prepare for the Shared Prosperity Fund coming in 2022.

The CRF is focussed on regenerating communities and enabling more people to benefit from economic growth through investment in skills, enterprise and employment. Peterborough and Fenland were among the Government’s priority places for investment, and bids per place were limited to £3 million in total. The Combined Authority put in bids equivalent to £3 million for both Fenland and Peterborough to maximise the potential funding coming to the region.

The Combined Authority has a responsibility for supporting business and improving skills across the region, including a focus on areas which are most in need of investment.

The CRF is aimed at short term economic recovery projects and so are particularly relevant to the Combined Authority’s and Business Board’s work on Covid-19 recovery. The schemes are planned to be completed by June 30, 2022.

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With funding from the Cambridgeshire and Peterborough Combined Authority, Plunkett is currently able to offer early-stage community businesses free advice and support on how to get their business off the ground, including guidance on community engagement, legal structures, business planning and raising the funds to do it.