Job creation and business boosting loans will benefit the Hinckley and Bosworth areas thanks to a £107m cash injection from the county council.
The authority has produced an enabling growth plan to show how it will support businesses and create jobs through targeted support, and although the investment comes at a time when services are being cut, this cash boost is coming from the council’s capital budget which is funded by land sales or government grants, and is not part of the revenue budget.
The council has been working with the Leicester and Leicestershire Enterprise Partnership, businesses and other bodies to promote economic development. It is hoped that by pumping in £37.8m of its own cash, partners, including government agencies, will contribute at least another £70m.
This will support a wide range of initiatives including:
* Expansion of broadband, with a £6.3m contribution towards a £29.7m project;
* Employment schemes, including employability skills in schools, work clubs, enterprise hubs and the wheels to work scheme;
* The business loans fund, run by Funding Circle;
* Transport, including improvements to the A50 and A6;
* Investment in workspaces in Coalville and rural areas;
* £1.5m to support Loughborough University’s science and enterprise park.
Blake Pain, cabinet member for economic development, said:
“We’re investing £37.8m in transport improvements, workspace units, superfast broadband, employment schemes and business grants and loans and this supports at least a further £70m from partners and businesses.
“These investments will make the county more attractive to investors, help businesses become more competitive and create more and better jobs for local people.”
Delivery of the plan will support other council priorities by improving prosperity, creating jobs and reducing demand for expensive public services.
The council’s ruling cabinet will discuss the report on Monday March 16.
The enabling growth plan is available to view here.