09 June 2006
Councils will stand a better chance of securing a slice of business regeneration funding if they look at the lessons to emerge from earlier bids, researchers are warning.
The Local Enterprise Growth Initiative was launched last year with the aim of directing up to £300m into projects to revive the local economy in some of England's most deprived authorities.
The first wave of bidding resulted in £126m being shared between ten bidders covering 15 local authority areas. In the second round, launched in April, up to 20 further bids are likely to be rewarded with funding.
But analysts say that, with more than 70 authorities competing for a share of the money, competition will be fierce.
Jim Plunkett-Cole, principal analyst at independent economic consultancy GWE Research, told Public Finance that there was a 'flurry of activity' as councils assemble their bids in time for the September deadline.
'Only those bids of the highest quality are going to be successful,' he said.
GWE has produced a list of tips to help authorities put together a strong bid. These include securing the full endorsement of the local community following a period of extensive research and consultation.
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