Greater Lincolnshire has been awarded more than £110m to stimulate economic growth and jobs in the region.

Business Secretary Vince Cable has today revealed the area's share of the European Regional Development Fund (ERDF) and the European Social Fund (ESF) for 2014 - 2020.
The money will be used to provide training schemes (particularly for those that are unemployed), to fund support for local businesses and to enable economic development projects, such as the creation of much-needed business premises and other infrastructure.

The county council and Greater Lincolnshire LEP will now draw up a strategy for how to use the money. It is anticipated that eligible local projects will be able to begin to bid for a share of the funding from spring 2014.

Councillor Colin Davie, Executive Member for Economic Development at Lincolnshire County Council, said: "An investment of this size is going to have a significant impact on the county economy, and is a substantial increase from the £28m we were awarded last time. This money is going to mean that a lot of worthwhile projects will be able to go ahead, creating new jobs and boosting local industry. We'll be working closely with our partners on the LEP and local businesses over the coming months to decide how this money can best be of benefit to the area."

Ruth Carver, Manager for the Greater Lincolnshire LEP, added: "This funding will go a long way towards securing the economic future of our area. An allocation on this scale will allow us to strengthen our economy, support businesses to grow and create jobs, making Greater Lincolnshire known as a place to do business in the UK. We look forward to working with our partners in the private and public sector to write and deliver a plan for growth."