£107m investment plan to deliver growth across the East Midlands

Credit: Onclusive News

A £107 million investment plan to support business growth, strengthen communities and create thriving places is moving at pace after being backed by the Mayor of the East Midlands.

The Local Growth Fund programme was approved by members of the East Midlands Combined County Authority (EMCCA) Investment Committee today (Monday 29th June), with 17 programmes now endorsed to progress towards delivery.

The plan will bring together programmes aimed at driving long-term economic development across Derby, Derbyshire, Nottingham and Nottinghamshire.

The plan spans five key themes, including innovation and thriving places, helping to support businesses, strengthen town centres, improve connectivity and unlock new opportunities for residents.

Mayor of the East Midlands, Claire Ward, said: “Growing the economy in all parts of this region needs us to invest in different ways at the same time. Whether it is investing into places, investing into businesses, or investing into people: all of it matters.

“The Government has given this region £107million of Local Growth Fund because we are trusted to decide on how this should look for the entire East Midlands – and I am delighted that EMCCA Board has approved an investment programme that speaks to the sort of region we are.

“These projects will make a real difference in helping our high streets to thrive, enabling business success, and ensuring that more people can shape and benefit from our region’s growth.”

Investing in places and communities
More than £18m will be invested across five programmes to support thriving places, local centre regeneration, rural development, improved digital connectivity and community-led sustainable energy projects.

The funding will be delivered through the Thriving Places Fund, Digital Connectivity, Rural Development Fund, Community Development and Social Investment, and Community Energy programmes.

The plan also includes £30m for a Housing and Regeneration Investment Fund and a £1.6m project to bring empty homes back into use and help tackle homelessness.

Supporting skills, jobs and opportunity
£17m of funding will support the “Opportunity Escalator” programme designed to help people into work, improve skills and enable employers to develop their workforce.

This includes the Economic Inactivity, Skills Co-Investment and Youth Ambition projects, which will strengthen pathways into employment and support long-term workforce development across the region.

Backing businesses to grow and compete
More than £21m will be invested across programmes to accelerate business growth, unlock new investment and strengthen the East Midlands’ visitor economy.

The funding will provide tailored support for businesses of different sizes through the Business Investment Fund, Scale Up, Local Business Support, Increasing Exports and Visitor Economy programmes.

Unlocking innovation and investment
A further £12.3m will support priority industries and strengthen collaboration between businesses, universities, research partners and others through the Innovation and Cluster Development activity.

Turning ideas into investment-ready programmes
A £2m feasibility pot will provide early-stage support for emerging projects, helping ideas become investment-ready in line with national standards.

Programmes being explored through the fund are:

• £7m Thriving Places Fund;
• £4.3m Digital Connectivity;
• £3.2m Rural Development Fund;
• £3m Community Development and Social Investment;
• £1.7m Community Energy;
• £8.1m Business Investment Fund;
• £7m Scale Up programme;
• £2.4m Local Business Support;
• £1.8m Increasing Exports;
• £2.4m Visitor Economy programme;
• £7.4m Economic Inactivity programme;
• £4m Skills Co-Investment;
• £3.4m Skills Capital;
• £2.2m Youth Ambition;
• £2m Feasibility funding;
• £12.3m Innovation and Cluster Development;
• £30m Housing and Regeneration Fund;
• £1.6m Empty Homes programme.

Plans for each programme will be reviewed by EMCCA to ensure they are ready for investment before moving into delivery.

The Local Growth Fund forms a core part of EMCCA’s Growth Plan for 2026–2030 and supports Mayor Claire Ward’s priorities to boost productivity, back businesses, create better jobs and ensure communities across the region benefit from long-term economic growth.

Delivery of the Growth Plan aims to support:

• 60,000+ more people in work;
• 210,000 more people with skilled qualifications;
• 100,000+ new homes built;
• £13 billion added to the economy;
• 1GW additional clean community energy generation.