Elmbridge: Invest for Growth

Supporting longer term local investment in economic development priorities in Elmbridge

Project Description

The Invest for Growth project combines Local Growth Funding with Local Authority funding to create a single fund of up to £18m to invest in the Elmbridge economy. The fund will initially be invested in a commercial property in the borough. Ownership of the property will then generate revenues to enable the Council to commit to invest an estimated £300,000 per annum to fund economic development objectives and priorities (phase two) over five years. This annual investment will help tackle barriers to growth and build on opportunities to enable a new wave of knowledge based sector growth across the Borough and support the wider Local Enterprise Partnership Strategic Economic Plan (SEP).

Key Outputs

An LGF grant of £1.5m unlocks £16.5m in Local Authority match funding The purchase of commercial property delivers the following direct outputs: • Minimum of 1,500 sqm commercial office floor space safeguarded • Minimum of 1,450 sqm commercial retail floor space safeguarded • 125 FTE jobs supported by safeguarding the office space • 76 FTE jobs supported by safeguarding the retail space
Growth Deal Amount: 
£1.5m (50% grant, 50% loan)
Total Project Cost: 
£18m
Project Date: 
Sat, 03/02/2019 to Sat, 03/02/2024
Scheme Promoter: 
Elmbridge Borough Council
Project Status: 
Current