Government has recognised that the programme is seeking to address challenges which are beyond the scale of the initial £500m announced earlier this year.

The Growing Places Fund has been recognised as a programme which delivers value for money by providing funding to unlock stalled infrastructure projects, thus creating economic growth and jobs and promoting a long term locally-led solution. It is a ‘revolving fund’ and it is expected that most or all of the money will be paid back.

Tim Wates, Chairman, Coast to Capital's Growing Places Investment Committee and Vice Chairman of Coast to Capital said, "The extra budget is very welcome and demonstrates the confidence Government has in LEPs to deliver value for money and economic growth. Coast to Capital is now exploring the additional options the additional funding may provide and we are working hard to ensure we make the right decisions for the area to prosper."

Interest in the Coast to Capital Growing Place Fund has been good, with a number of potential projects submitted during round one.

Coast to Capital's Growing Places Investment Committee, with the help of consultants, Genecon LLP and CBRE are currently evaluating the initial proposals and, at the end of April, will recommend successful projects to the Board.