LEP Growing Places Fund – Update on Funding Allocations
17 October 2013
Below are headline details on these projects:
- £25m allocated for rail upgrades, providing extra services at Northumberland Park and Tottenham Hale;
- £8.5m capital funding to upgrade Hackney Wick Station;
- £6.8m allocated for Ealing to accelerate development and improve road access ahead of the arrival of Crossrail;
- £5.7m allocated for major road improvements in Bexley, easing traffic flows and supporting economic growth;
- £2.5m allocated to upgrade Angel Road station and support regeneration in Enfield; and
- £1m towards a £25m investment from Government for the installation of superfast broadband.
Skills and Employment:
- £2.5m to support an increase in the number of employers offering apprenticeships in London;
- £280,000 to supplement £500,000 from Government to deliver activity to support the LEP’s skills and employment priorities;
- £100,000 for an employment programme in East London, helping talented low-income disadvantaged people find and maintain jobs;
- £450,000 to help deliver an annual Careers and Skills event (Skills London) for three years; and
- £1m (matched by £1m private sector funding) in order to promote growth in the construction sector.
Micro Businesses and Small & Medium Enterprises:
- £25m to establish an SME Finance Scheme;
- £1m package of business support including provision of an access point and sign-posting mechanism to London wide business support activities;
- £720,000 (to be matched by European funding) to increase the number of London SMEs selling overseas and the value of the sales generated; and
- £50,000 for a one year accelerator programme in Camden to break down the challenges and barriers for emerging creative businesses.
Digital Creative, Science and Technology:
- £360,000 to support the development of the former Sanofi site in East London to support future scientific and tech uses;
- £7.7m to transform the Old Vinyl Factory in Hayes providing a facility for entrepreneurs providing technical, infrastructure and business support;
- £1.12m seed funding for the creation of a ‘Med City’, a collaboration between the GLA/London & Partners, LSIO (Life Science Investment Organisation), Wellcome Trust, AHSCs/AHSNs, and other university and business partnerships in order to:
- create and promote a joined up and globally distinctive life sciences offer;
- act as a visible go to point for businesses and investors, whether global or local, to access, invest in or collaborate with London and the GSE’s science base;
- provide a strong voice for the sector, champion its strengths, but also raise awareness of the factors impeding further growth to catalyse positive change;
- £750,000 (towards a £2m GLA allocation) to help leverage £200m worth of additional expenditure through TV and animation production, creating 1,000 industry jobs;
- £124,000 for a feasibility study to support the Open Institute project in Tech City (which led to a £50m investment from Government); and
- £50,000 to seed fund innovative advanced therapeutics projects and programmes which are collaborative between London’s three Academic Health Science Centres and the Crick institute.
- Circa £20m has been allocated to projects put forward under the first bidding round that remain subject to on-going commercial negotiations; and
- A total of £990,000 has also been allocated to support programme management of the Growing Places Fund (£330,000 in 2013/14, £330,000 in 2014/15 and £330,000 in 2015/16).
17 October 2013