Enterprise Zones to benefit from £40 million funding injection

Posted on 30 January 2015 · Posted in News

Businesses moving to Enterprise Zones will benefit from improved access and even better facilities after a funding boost of more than £40 million from the Government.

The money is part of the Government’s £12 billion Growth Deals to fire up local economies and is on top of the £195 million that benefited Enterprise Zones during the first round of deals last July. It means a total of 17 Enterprise Zones have benefited from more than £235 million through the programme.

Growth Deal funding benefiting Enterprise Zones

Growth Deals are a revolution in the way our economy is run.  For the first time ever, infrastructure, housing, and other funding has been brought together in a single pot, and put directly into the hands of local authorities and businesses to invest with their knowledge of what is needed in their area to maximise their potential economic growth.

Local Growth Minister Penny Mordaunt said: “Enterprise Zones are playing a vital role in driving forward our economy. That is why we have invested an extra £40 million to make sure these sites continue to flourish and attract the kind of top-class companies that create high quality jobs.

“Through the Government’s £12 billion Growth Deals we are placing the power and money in the hands of the people who know how to spend it best and investing in projects which will make a real difference to local communities.”

The latest Growth Deals include:

  • £15.8 million towards the multi-year transport project in Fareham and Gosport, which will improve access to this area and the Solent Enterprise Zone;
  • £4 million to expand Engine Shed, the highly successful business incubation facility at the heart of the Bristol Temple Quarter Enterprise Zone. This investment will provide further incubation space for high-tech companies and space for their expansion. This investment will be matched with £5 million of local funding;
  • the Vulcan Iron Works Project to deliver a Creative Industries Hub of managed workspace in the Northampton Enterprise Zone that will support creative business in the zone and the rest of the city. The scheme is expected to create 180 additional new jobs;
  • a fund to speed up development in the Sheffield City Region Enterprise Zone. It will create new high quality employment premises, accelerating the delivery of jobs and attracting a further £45 million of private investment at the Zone; and
  • funding for a number of projects benefiting the Tees Valley Enterprise Zone. This includes phase 2 of the Technology and Research Centre at the Teesside Advanced Manufacturing Park, which will create flexible research and development space for small and medium businesses.  This will reduce the cost of and barriers to entry into research and increase the volume of research undertaken.

Enterprise Zones are central to the Government’s plans to rebalance the economy. The 24 enterprise zones are at the heart of the Government’s ambitious long-term economic plan. They have created over 12,500 jobs, attracted 434 new businesses and generated over £2 billion worth of private investment since opening for business.