The next round of funds will run from 2007 - 2013, with a budget of around £200 bn for the West Midlands region alone, comprising of both ERDF and ESF.

ERDF will be managed by the Regional Development Agency; Advantage West Midlands and the programme will be delivered under the project name "Regional Competitiveness and Employment".  It's aim, to create jobs through investment.

The ERDF budget will be around £260 m

ESF is aimed at training and producing a skilled and adaptable workforce.  The Regional Skills partnership (including Job Centre Plus and Learning and Skills Council) will address local priorities through co financing organisations.

The ESF budget will total around £240 m

There is no specific funding earmarked for general community engagement in the Voluntary and Community Sector

What this means for the VCS?

Funds for community engagement revolve around developing skills and creating and maintaining jobs in the field of SOCIAL ENTERPRISE.

This could take the shape of a social firm; a cooperative; a development trust...or an industrial and provident society; a trading arm of a charity or a community interest company.

These all focus on 3 things:  enterprise, where goods are produced or services are provided to a market; social aims where job creation and training are key and profits are reinvested to achieve social objectives; and finally social ownership is often a characteristic, where governance/ ownership is based on participation by local stakeholders.