£50m fast-track building fund for colleges

Aaron Morby 12 years ago
Share

Further Education Colleges denied previous upgrade funding are being urged to submit building projects for a share of a new £50m cash pot.

The grant funding follows a Department for Business, Innovation and Skills decision in May to reallocate £50m set aside for the Train to Gain programme to further education capital projects.

Colleges seeking grants will be expected to attract additional private finance, providing final projects of significant value.

Despite calls to leverage the grant to the maximum, projects are likely to be far less ambitious than the previous funding for further education colleges.

Colleges are only eligible if they have not received more than £5m of funding for building projects in the past from the then Learning and Skills Council.

Bidders also needs to show that the building project can be completed by September 2011.

 

The £50m will be invested in projects in two ways.  Under a £30 million Renewal Grant, around 150 colleges will receive approximately £225,000.

These projects will be expected to raise further private investment, significantly increasing their project size.

An additional £20m will be made available through an Enhanced Renewal Grant, through which colleges will be able to bid on a project basis for up to £1 million and will be expected to raise significant further private investment.

The Skills Funding Agency will collate the bids and allocate funding to successful projects.

Further Education, Skills and Lifelong Learning Minister John Hayes, said: “Many colleges up and down the country are still reeling from the effects of problems seen last year in the capital investment programme, which saw a Review by Sir Andrew Foster criticise ‘failures in the general management and financial management of the Learning and Skills Council.

“We want to make sure as many colleges as possible can benefit from this additional funding we are offering them.”

Criteria have been set for colleges wishing to submit a bid for a share of the funding. These include:

  • Condition of the college and its facilities;
  • The benefits to learners; and
  • Adding to regeneration of local communities.

Skills Funding Agency chief executive Geoff Russell said: “This investment is an indication of the crucial role that further education colleges have to play in not only educating our young people and adults but in helping rebuild our communities and contribute to economic growth.

“We now look forward to receiving the college bids. We will focus on ensuring that the funding is allocated fairly across the sector so that it has the greatest possible impact on learners, employers and local communities.”

Latest news

Materials giant CRH looks to sell contractor Farrans

More than 550 staff set to get new owner
7 hours ago

Ilke Homes pulls off £100m record-breaking fund raise

Largest-ever capital raise by a UK modular house builder to fund expansion
10 hours ago

Construction buyers fear for year ahead

"Construction companies now have a tightrope to walk in terms of being ready for recovery and cautious around investment"
9 hours ago

Gove calls for competition probe into house building

Levelling Up and Regeneration Bill 'strengthened' with new measures
13 hours ago

Schools get £500m for energy upgrades this winter

Extra cash found for better heating controls, insulation and energy efficient lighting
12 hours ago

1,000-home North London scheme approved

Developer Hill will start work in the Spring on South Tottenham site
13 hours ago

Bid race for £500m Suffolk construction framework

Construction and building services firms called up for East of England four year deal
12 hours ago

Mace employs robot dog to avoid slip and trips in tunnel

Robot working in dark and hazardous conditions under Heathrow Airport
13 hours ago

Administrator details confirmed at Southampton M&E firm

Begbies Traynor now in charge at Working Environments as suppliers face large losses
1 day ago

Former Galliard chief takes helm at Inland Homes

New CEO Don O'Sullivan sets out to return south east house builder to profitability
12 hours ago

Applicant numbers nosedive for construction vacancies

Recruitment market gets even more competitive - how the Enquirer can help
1 day ago

Industry veteran to head Henry Bros northern arm

Peter Commins, former Kier and Balfour Beatty northern chief, to spearhead growth drive
13 hours ago

Housing association shuts in-house modular factories

Swan closes loss-making steel frame and cross-laminate timber factories
1 day ago

350-homes approved around iconic London Tube station

Housing blocks to be built around Grade II-listed Hounslow West Tube station
1 day ago

Domis set for £195m Boddingtons Brewery scheme

Developer Salboy buys Manchester site to kickstart long-awaited 556 homes project
2 days ago

John Lewis £500m funding deal to build 1,000 rental homes

Deal to advance BTR flats at store sites in Bromley, West Ealing and Reading
2 days ago

Esh launches new housing retrofit division

Esh Retrofit Solutions will target market to improve the energy performance of social rented homes
2 days ago

Eric Wright wins tricky £52m Liverpool transformation

Contractor working with engineers at Ridge and Partners on "challenging" Stanley Lock Flight site
4 days ago

Investment giant buys Bristol M&E contractor

RDCP Infrastructure acquires Avon Combined Electrical Services
4 days ago

Demolition start for £50m Farnworth town centre rebuild

Caddick Construction is tipped for main works due to start in the spring
5 days ago

L&G Modular strikes deal to build 1,000 affordable homes

Modular homes business teams up with Hampshire's Vivid housing association
5 days ago

Former Erith operations director joins John F Hunt

Scott Exell named new operations director at demolition specialist John F Hunt
5 days ago

Green light for £135m Leeds twin tower resi scheme

Construction to start in New Year on 500 build-to-rent apartments
5 days ago

Mace hits 1m tonnes carbon saving target for clients

Present work pipeline betters 2026 carbon emission saving target
5 days ago

Plans in for £40m surf park at former Kent colliery

Seahive surf lagoon and health resort will be built near Deal
6 days ago

Crushed demolition worker vows to return to industry

Shannon Brasier hoping to return to construction following horror accident
5 days ago

Mount Anvil to start 900-home North London estate rebuild

Planning approval paves way for Barnsbury Estate rebuild in Islington
5 days ago

Green light for major laboratory campus in Cambridge

Developer BioMed to tender first building on 600,000 sq ft lab complex in the New Year
6 days ago

Belfast firm signs the biggest work deal yet under Project Gigabit

Fibrus to hook-up rural Cumbria to lightning-fast broadband under £108m deal
5 days ago

McLaren wins Leeds logistics park contract

Work to start imminently on warehouse complex for Firethorn Trust
6 days ago

Contractor services