ERDF update on the Reserve Fund
The reserve fund will draw together the remaining unused ERDF LEP area allocations into a new ‘fund’, operating at national level. England-wide calls will be launched at Priority Axis level, with separate amounts of money identified for each ‘category of region’.
All projects will be expected to make a good contribution to programme objectives, domestic strategic priorities and programme targets.
Alignment with local plans is an important consideration, and local partners will be consulted on all projects.
It is expected to allocate funding across up to four priorities – reflecting the primary focus of the ERDF Programme, as well as ongoing need, demand and deliverability:
- exploiting ideas and embedding technology and innovation in businesses (Priority Axis 1),
- promoting entrepreneurship and helping entrepreneurs to start businesses including community enterprise (Priority Axis 3a),
- helping existing businesses to develop and grow, improving resilience and productivity through new technology and ways of working (including support to enhance digital capability of SMEs) (Priority Axis 3c, 3d),
- helping places and businesses respond to the Clean Growth challenge (Priority Axis 4a, 4c, 4e, 4f)
- local green and blue infrastructure, including green infrastructure designed to improve flood resilience (Priority Axis 6).
The fund will also enable government and stakeholders to invest in fresh approaches that deliver Operational Programme objectives. Working in partnership with local and national partners, this funding round complements existing investments across England and delivers on the local growth priorities set out in local plans. Priorities will also include:
1. Working across Local Enterprise Partnership and Mayoral Combined Authority areas, growth corridors, and pan-regional partnerships to link places, businesses and people with common economic or sectoral themes – to meet shared opportunities or challenges through larger scale, strategic projects.
2. Integrate activity across multiple Industrial Strategy foundations, including Grand Challenges.
3. Innovate, either in what is funded or how it is delivered.
4. Demonstrate strong links and complementarity with domestic growth initiatives.
5. Deliver new community focused initiatives, particularly larger programmes of activity across geographies focused on starting and growing new businesses in the most deprived places or working with communities of interest.
The details of the overall call values, allocations by category of region and specific activities we are looking to support will be published in calls early next year.
Email email@example.com and subscribe to our newsletter for further updates.