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<p>A total of £1.25bn has been secured by the five LEPs (Local Enterprise Partnerships)
in the North West – Liverpool City Region, Cheshire and Warrington, Greater Manchester,
Lancashire and Cumbria – from the Government’s Local Growth Fund. As part of this,
Liverpool City Region secured £232.2 million in July 2014 and a further £31.6 million
through the expansion to Growth Deals in January 2015.</p><p> </p><p> </p><p> </p><p>The
North West Fund is an ERDF (European Regional Development Fund) Financial Engineering
Instrument which can invest £155 million into SMEs across the North West, including
Merseyside, until 31<sup>st</sup> December 2015. 50% of the fund is public sector
resources coming from the ERDF programme (£77.5 million) and 50% from the private
sector (a further £77.5 million). This will provide loan and equity investments to
SMEs in the North West.</p><p> </p><p> </p><p> </p><p>As of December 2014 the fund
had invested £111.18 million in capital funding across the North West, of which £36.8
million had been invested to support SMEs in Merseyside. There is sufficient residual
funding within the North West Fund to support the capital investment in Merseyside
which has already been identified by local partners for the remainder of 2015.</p><p>
</p><p> </p><p> </p><p>The Department is currently working with LEPs to develop the
2014-20 ERDF Programme; we anticipate the Operational Programme will receive approval
by the European Commission in June 2015. In anticipation of this approval, we are
aware that the Liverpool City Region is proposing from its nominal allocation to invest
£12.5 million into an Access to Finance Financial Instrument, and £24 million into
an Urban Development & Energy Efficiency (non –domestic) Financial Instrument.</p><p>
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