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European Regional Development Fund

Objective 2 Status

Great Yarmouth is eligible to bid for a share of £96m in the Eastern Region for Objective 2.

The period of designation runs from 1 January 2000 - 31 December 2006

Six Great Yarmouth wards have been granted Objective 2 status and these are Regent, Nelson, Cobholm & Lichfield, Claydon, Magdalen West and Bradwell South & Hopton.

Objective 2 is an economic programme which seeks to reduce levels of economic disparity across the UK. Objective 2 grants will be 30-48% of eligible costs with the remainder to be match funded. Objective 2 comprises 90% European Regional Development Fund (ERDF) and 10% European Social Fund (ESF) money. ESF funding is available as support for ERDF projects.

The three Eastern Region programme priorities are:-

Priority 1:
Support for SME creation, growth and development
(i.e. Business support, networks, best practice, supply chain, access to funding, investment in capital etc.)

Priority 2:
Developing key locations, clusters and sectors
(i.e. Site preparation, new or upgraded accommodation, training/development centres, incubator units, managed work space, cultural centres, tourism projects and key sector projects etc.)

Priority 3:
Community Economic Regeneration
(i.e. Community leadership/research, work space facilities, ICT, skills training, community workers, environmental improvements, capacity building etc.)

Objective 2 is an economic regeneration programme requiring measurable economic outputs: i.e. jobs, training, competitiveness, visitor numbers. Projects must also embrace sustainability principles of social inclusion, ICT and environmental sustainability. The Objective 2 programme is administered regionally by the Government Office for the East of England (Go East).

Local area partnerships have been established to develop, steer and promote relevant local projects. A joint Great Yarmouth and Waveney Local Area Group (LAG) has now been formed to oversee the Objective 2 programme in the sub-region.

Full details of the Objective 2 Programme in Great Yarmouth and Waveney can be found in the  Local Area Framework. (911kb)

Objective 2 welcomes strategic partnerships. Single companies are NOT eligible for funding but may benefit from being part of a larger strategic project.

A facilitator to service the local area in terms of project eligibility / development, bid guidance / support, programme management and networking has been appointed by the local partnership.

Please contact the local facilitator to find out further details on how your organisation may benefit from Objective 2 initiatives:-

The Objective 2 Facilitator
c/o Economic Development Unit
Great Yarmouth Borough Council
Town Hall
Great Yarmouth
Norfolk
NR30 2QF
Tel: 01493 846197
Fax: 01493 846209
Email: kk@great-yarmouth.gov.uk