North Hampshire and West Surrey local enterprise partnership Enterprise M3 has secured a multimillion pound boost from a £500 million government fund aimed at getting stalled building projects off the ground.
The government has published allocations of the £500 million Growing Places Fund to each of the 38 local enterprise partnerships. Enterprise M3 has been allocated £14,435,316 in funding and can now take decisions about which local infrastructure projects to spend the money on.
The Growing Places Fund is targeted at infrastructure projects that can help facilitate economic growth, jobs and house building through improvements to infrastructure.
Enterprise M3 is already working towards identifying the infrastructure needs that support economic growth in the area through research to be commissioned by its Infrastructure Action group.
To access the funding the partnership needs to complete a questionnaire showing their commitment to generate economic activity in the short-term by addressing immediate infrastructure constraints.
Chairman of the Enterprise M3, Geoff French said: "The funding allocation from central government is very welcome. Improving the Enterprise M3 infrastructure is essential for economic growth, so it is good news that we will be able to allocate this according to our area’s priorities. It's too early to talk about specific projects, but we will look to prioritise options quickly and start delivering this as soon as we can."
Communities secretary Eric Pickles added: "The £500m Growing Places Fund will unlock much-needed local infrastructure and get the homes we need built. It will be local enterprise partnerships, made up of the people and businesses who know their local areas best, who will decide where this cash boost will be spent. I now want to see these partnerships coming together and finding innovative ways to unlock local sites and help get Britain building again."