Chamber News

Suffolk Inclusive Growth Investment Fund: Round-2 announcement

Suffolk Inclusive Growth Investment Fund: Round-2 announcement

The impact of Covid 19 has been significant on Suffolk’s businesses and our local economy and as we re-open, we must all - residents, the public sector, and businesses - do our part to control the virus and prevent the spread.

As part of their response to the Covid 19 pandemic Suffolk’s Public Sector Leaders established the Suffolk Inclusive Growth Investment Fund (SIGIF), totalling £1.65m with contributions from Suffolk’s pooled business rates and New Anglia LEP.

The fund is open to projects which address the significant impact of COVID 19 on Suffolk’s businesses, employees, and our local economy.  Projects must be sponsored by either a Suffolk local authority and / or NALEP.

Suffolk Growth are pleased to confirm a total of £367,292 has been awarded to three projects in Round 2 of the programme.

Cllr Nick Gowrley, Chair of Suffolk’s joint Growth Portfolio Holders Group and Suffolk County Council Portfolio Holder for economic development, housing and enterprise, said:

“I am pleased to announce a further investment of just over £367,000 to support Suffolk’s economic recovery from Covid 19 through round-2 of the Suffolk Inclusive Growth Investment Fund. This brings the total to over £717,000 allocated between December 2020 and March 2021.

Throughout 2021 SIGIF investment will boost local economic resilience and through our partnership approach we are working with local areas to respond to what has been an extremely challenging year.  

The three successful projects from Round 2 are:

  • Town centre projects in Babergh and Mid Suffolk Districts to generate new business opportunities and footfall, within a supportive business environment. Including: innovation space for start-up businesses, development of pop-up innovation hubs and short-term market stalls.

  • Support for a multi-media community hub which houses 8 local businesses and delivers a range of activities focused on supporting new entrants into the sector, job creation and events & wider arts programme.

  • Creation of flexible, active retail “pods” in West Suffolk town centres focused on delivering retail business start-ups which will generate additional footfall, spend, and increase dwell time in town centres.

 

Article by Suffolk Chamber