LEP Growing Places Fund – Update on Funding Allocations

17 October 2013

Over £110m of funding from the London Enterpise Panel's Growing Places Fund has been allocated by the Panel for projects that support delivery of its Jobs & Growth Plan for London.

Below are headline details on these projects:

Infrastructure:

  • £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.

Others:

  • 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