A further bidding round has opened for the government’s fund to promote regeneration and economic growth at the UK’s coastal towns and resorts.
The £40m pot was announced by Northern Powerhouse Minister Jake Berry during a visit to Barrow-in-Furness last week, where he saw first-hand how the fund had benefited the Cumbrian town.
Since 2012, the Coastal Communities Fund has awarded grants to 295 projects across the country, providing over £174m in total. According to the government, it has created 500 new businesses supporting over 5,500 jobs.
Berry commented: “Coastal communities up and down the country from Barrow-in-Furness to Brighton have been boosted by this funding which has spurred inward investment, sustainable growth, new jobs and exciting economic opportunities for local businesses.
“By 2020, we’ll have invested nearly a quarter of a billion pounds in our seaside areas, providing thousands of jobs, training places and opportunities along the Great British Coast.”
The Coastal Communities Fund was created with the aim of supporting the economic transformation of UK coastal communities by giving funding to create sustainable economic growth and jobs.
The government claims this has been money well spent, with every £1 invested “having the potential to create an up to £8 boost” to coastal economies.
Successful projects have included a £2m grant for Blackpool’s Lightpool project to improve the resort’s iconic Illuminations, which is forecast to have increased visitor numbers by 2.6 million.
Funding for the fifth round of the CCF will cover the period 2019-21 with funds becoming available from April 2019.