Growing Places Fund
The Mayor and the LEAP were allocated £110.7 million by the Department for Communities and Local Government to promote economic growth and the delivery of jobs and houses. Through this revolving fund which was established under the last administration, the LEAP advised the Mayor on how to allocate this funding in three rounds, in March 2012, May 2013 and February 2016.
In London, this Growing Places Fund (GPF) is supporting innovative ways of creating jobs and skills in emerging sectors, supporting growth in business and investment, and increasing productivity. The fund is also supporting major regeneration projects across the capital, supporting the growth of London’s housing market by unlocking land parcels for development and helping to ensure London’s infrastructure needs are delivered to benefit all Londoners.
In March 2018, £60 million has been spent with 11 projects in delivery and 10 completed. So far, 607 jobs have been created, 268 businesses supported, and 951 Londoners supported to progress in further learning or employment.
Support for 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.