MORE than £6 million is to be distributed to local job-creating projects after the York, North Yorkshire and East Riding Local Enterprise Partnership (LEP) appealed for bids from local businesses.

The LEP has since begun detailed discussions with 17 short-listed applications to its Growing Places Fund.

Barry Dodd, chair of the LEP, said: “We are delighted to start talking about the detail of proposals for investment. While we’re not here solely to distribute funding, this resource has provided us with a way to make some big economic wins for the area with projects which have hit the financing barriers until now.”

The fund received a total of 62 applications, totalling £27 million, which promised to create more than 10,000 new jobs. Mr Dodd said: “The level of interest shows the demand among the business community for access to finance. Next to broadband, finance is the number one barrier issue businesses are complaining to us about.

“With this fund, we are setting out our intention to do things differently. It will be invested into activity that will pay back the loan to the fund, enabling us to plan for future investments. The days of grant funding are over, but we’re confident that our business community has the enterprising spirit to make the most of finance opportunities that remain.”

The 17 short-listed projects are seeking a combined £16 million, so Mr Dodd said they had some tough decisions to make.

“We’re confident the final investments will deliver three quarters of the jobs included in initial bids for less than a quarter of the investment initially sought, so we’re driving through the quality. Those short-listed so far are also proposing to find an additional three pounds for every pound we invest. Again, working with the applicants we hope to drive this ratio up.”

He said the partnership hoped to find other ways to support unsuccessful projects in creating economic growth.