e-Factor

What is a LEGI?

The Local Enterprise Growth Initiative (LEGI) was announced by the Chancellor in his 2005 Budget and aims to release the economic potential in the most deprived areas across the country through enterprise and investment and so boosting the local economy, creating employment and building sustainable communities.

The Government aims to create prosperous, inclusive and sustainable communities for the 21st century. Places where people want to live that promote opportunity and a better quality of life for all. In order to achieve this it is crucial to ensure local authorities in the most deprived areas are provided with opportunities to stimulate economic growth through enterprise development. That's where the Local National Growth Initiative (LEGI) comes in.

This will be achieved in three ways :

• By increasing the amount of local entrepreneurial activity in the area
• By supporting the growth of sustainable businesses and reducing the failure rate of local businesses
• By attracting investment and franchising into the area making use of local labour resources

How much is LEGI worth?

The Local Enterprise Growth Initiative (LEGI) is worth £300m for the first three years and then £150m per year, subject to the outcome of the Comprehensive Spending Review 2007. In the first two rounds of funding there are 20 local areas who have been awarded LEGI funding. North East Lincolnshire has received £18.7m for the first 3 years with the scheme contracted to and managed by e-factor.

By getting more people into employment, enabling more people to set up their own businesses and by making local businesses become more successful, e-factor can transform North East Lincolnshire into an area of enterprise and prosperity.