Second Round Opens for Bioeconomy Growth Fund

man-looking-at-grain-under-microscopeTHE SECOND round of the LEP’s Bioeconomy Growth Fund to grow our area’s innovative bio-businesses has opened and is accepting expressions of interest.

It follows a successful first round in which the LEP received bids for over £44m in project value and £13m of grant requests, with the potential to create 635 jobs.

Enterprise Partnership Chairman Barry Dodd said: “We were delighted to receive many exciting bids for funding which clearly illustrate the innovative opportunities for developing our area’s Bioeconomy and the better quality jobs that our area needs.”

The fund is aimed at providing the financial support the industry needs to build innovative infrastructure to achieve the area’s ambitions of becoming a global leader in agri-food and the bio-economy.

The bio-economy is a sector which provides low carbon, renewable alternatives to our current fossil fuel based economy. It includes businesses in agriculture, forestry, horticulture, food &drinks, water utilities, industrial biotechnology and bio-energy.

• The bio-economy employs around 105,000 people in Yorkshire
• It contributes £8.7billion of GVA to the area.

Funding requirements:

Applications are open to the public and private sectors and need to be industry-led, with evidence of demand.

The fund will make a small number of large (>£500,000) capital investments. The intervention rate is up to 40% and hence applicants will need to provide match funding.

Projects must deliver infrastructure which enhances local bio-economy capacity, supply chains or clusters. Alternatively, commercial innovations which boost the area’s reputation, stimulate cluster effects and/or lead to the development of related supply chains.

Proposals must also deliver other benefits, such as jobs in the LEP’s area and be completed by March 2021.

The deadline for the expressions of interests is midnight 5 Jan, 2017, and successful applicants will be invited to submit a full application by 20th February 2017.

Here is more information about the application process and the expression of interest form that needs to be completed.

For further enquires please contact our Bioeconomy Development Officer Dr Gesa Reiss.