A TOTAL of £431 million of European funding has been allocated to the region to support economic growth and job creation.

The two Local Enterprise Partnerships (LEP) covering York have been awarded the sums from the European Structural and Investment Fund, with the Leeds City Region LEP receiving £338 million, and the York, North Yorkshire and East Riding LEP allocated £93 million.

The funding will be invested by the LEPs into projects that will lead to economic growth, and the creation of sustainable jobs, with calls inviting bids for investment.

The first of the calls is a joint initiative between the two LEPs aimed at boosting the region’s growing bio-economy, with £8 million of funding available.

Made up of agri-food and industrial biotechnology, the bio-economy has been identified as one of NorthYorkshire’s major growth areas, with the potential for creating tens of thousands of new jobs.

In a second round of calls, the York, North Yorkshire and East Riding LEP will be teaming up with the Humber Local Enterprise Partnership to fund business support for established businesses and new start-ups with a £5 million funding pot.

Professor Colin Mellors, chairman of the York, North Yorkshire and East Riding Enterprise Partnership’s Committee for the European Structural Investment Fund, and LEP board member, said: “This funding represents a major opportunity to support our businesses and grow the bio-economy which is one of the most important economic assets of our local area.

“Our LEP has a great record in funding smart projects which provide both growth in our region and sustainable jobs.

“By working closely with our neighbouring LEPs, we intend to make the process more straightforward for applicants. We want to invest the money wisely and ensure that it produces a significant and sustainable economic impact.”

Leeds City Region was the first LEP in the country to launch its European Structural Investment Fund programme last week, with LEP Chairman Roger Marsh praising the hard work of all partners in getting the programme off the ground, and evidencing the scale of opportunity and ambition to further economic growth for the prosperity of all.

He said: “After 18 months of hard work and consultation with our partners, our strong vision for extraordinary economic growth is now moving into delivery.

“I am delighted we are the first LEP in the country to meet with stakeholders and promote these funding opportunities and demystify the process for organisations looking to bid for funds and work with the LEP on delivering programmes that will help to create jobs and promote growth.”