Hampshire and Surrey: Enterprise M3 LEP makes £2m funding available

Businesses and the public sector can bid for a share of a £2 million fund which was launched today to support regeneration projects in Surrey and Hampshire.

The funding, a new round of the Growing Enterprise Fund, has been launched by the Enterprise M3 Local Enterprise Partnership (the LEP). The fund was set up in 2012 to support economic growth by addressing infrastructure and site constraints which might be impeding development.

So far the LEP has awarded funding to 10 projects which have delivered vital new homes and jobs in the area.

Qualifying projects could include: transport, utilities, broadband, flood-defences, land remediation and innovation/enterprise centres. Enterprise M3 is seeking projects that:
·         deliver economic growth, especially jobs and housing
·         enable development where there is proven demand
·         kick start or bring forward development
·         can be delivered soon
·         can repay the funding quickly
·         offer value for money
·         help to deliver the Enterprise M3 strategic economic plan.

Investment must be capital and all projects must deliver benefits for the Enterprise M3 area.

Funding from previous rounds has already been allocated to Woking Borough Council for the Sheerwater Access Road to help reduce congestion and improve direct access into Sheerwater Business Park. Farnborough International also received funding for infrastructure improvements, and the fund has also created two further investment funds to support local SMEs. These projects have created more than 750 jobs stimulating the local economy for the benefit of business and local communities.

Geoff French CBE, chair of the LEP, said: “This fund is about giving our projects in the area the boost they need. It could be particularly useful for development sites which currently need a helping hand.”

Details can be found here.