Southwark Council bid for £80 million for local business | Published on: 12/09/2006 | | Ref: 5268 |
Southwark Council could win an £80 million bid which would change the face of local business in the borough.
The authority will this week apply to the government for a massive cash injection which would be spent supporting local traders and making Southwark a centre of excellence for entrepreneurs.
Southwark?s executive group last night (September 11) agreed to go ahead with the bid and apply for a share of the government?s Local Enterprise Growth Initiative.
If successful, the borough will receive up to £80 million over ten years, providing a huge boost for both established small businesses and new entrepreneurs.
The proposal is due to be formally submitted this week and will be focussed on three areas - encouraging local people especially young people to see the potential for business in Southwark, supporting existing local traders, and promoting the most deprived areas of the borough as great bases for new entrepreneurs.
The project would target those who are traditionally overwhelmed by big companies in the marketplace, and minority groups who in the past have found it harder to make their mark.
The black and minority ethnic community will be a key beneficiary of the scheme to make sure the growing population gets a fair deal, while young people, lone parents, women, and those with disabilities will also be a top priority.
Options for the multi-million pound grant include:
Teaching entrepreneurship in schools;
Business Exchange programmes with overseas areas to promote Southwark in the global market and share best practice;
Developing tailored area business plans for Peckham, Camberwell, Walworth and Bermondsey, promoting inward investment which could include new shop fronts, more CCTV, better pavements and improved disabled access;
Building a modern enterprise centre with on-site advice services which would help new businesses get off the ground.
Councillor Richard Thomas, Southwark Council?s executive member for regeneration, said: ?This funding would make an incredible impact on the borough, and those set to really benefit are the most important part of our community - the people who live and work here.
?The investment would strengthen the local businesses we already have, develop new ones with potential, and help try to rescue those which are struggling. We want Southwark to thrive because of the success of local people, not because it is the base for big companies who ship in staff from elsewhere.
"And for that reason, this is not just a council proposal. This is a bid based on the needs of local people, which is why we hope businesses throughout the borough get behind our bid."
Sunny Lambe, director of the Southwark Ethnic Business Association, said the proposal would be a great boost for BME businesses.
He said: ?Southwark's ethnic business community asked for specific services and the Southwark LEGI proposal has responded by developing a programme of assistance which is really needed.
"Help for BME businesses and guidance, particularly to young people, will make entrepreneurship the way to unlock true potential and enable economic empowerment."
The deadline for submissions is September 14, shortlisting is earmarked for November, and an announcement of the successful applicants is expected in late December. If the grant comes through, investment would begin in January 2007.
Support of Southwark Council?s application include:
Learning and Skills Council
Price Waterhouse Coopers
London Bridge Business Improvement District
Jobcentre Plus
Southwark College
London South Bank University
Southwark Chamber of Commerce
Cross River Partnership
Metropolitan Police
Peabody Trust
Social Enterprise London
Better Bankside Business Improvement District
Social Entrprise London
Peckham Voluntary Sector Forum
Princes Trust
Business Extra Ltd
GLE One London
Red Kite Learning
Tomorrows People
Pecan
Cross River Partnership
and over 100 local businesses.
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