Good Growth Fund
The Good Growth Fund is LEAP’s £67m regeneration programme. With three funding rounds, allocated between April 2017 – March 2022, the programme provides funding, expert regeneration advice, design support and knowledge sharing opportunities to a broad range of place-based, community, cultural and green infrastructure projects across public, private and third-sector sectors.
Funded by LEAP and managed and delivered by the Mayor of London’s Regeneration and Economic Development Team (RED), the programme is underpinned by three strategic and interrelated delivery themes: empowering London’s people; strengthening London’s places; and growing London’s prosperity.
In 2017, Round 1 saw 205 eligible Expressions of Interest submitted with a total ask of £272,957,742. Following a two-stage assessment process 54 projects were supported:
27 projects were fully supported with a total allocation of £24,128,383
27 projects were offered ‘development funding’ totalling £1,610,000
4 projects were identified as ‘reserve’ with a potential allocation of £2,180,000
91 ‘pipeline’ projects
Since Round 1 announcements were made, 26 of the 27 projects are now in delivery and two reserve projects secured funding from the Mayor’s Business Rates Retention in summer 2018. Five projects in receipt of Round 1 Development Funding awards have submitted Round 2 applications – demonstrating the effectiveness of this support.
In June 2018, Round 2 launched with increased support and engagement workshops were held to maximise the ability of stakeholders to engage with the programme.The workshops were delivered in two halves: the first developed an understanding of what has happened in the past, reflecting on Round 1 of the Good Growth Fund, and the projects it supported; whilst the second half introduced Round 2 of the Good Growth Fund, generated new ideas about potential projects, and provided key guidance about the application process.
An evaluation is in progress and key highlights will be reported on in the Annual Report 2018/19.