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£10 million available to kick-start jobs and growth through local growth fund

A new round of the Growing Enterprise Fund launches today as Enterprise M3 calls on organisations, across the Enterprise M3 area, to bid for a share of the £10million pot earmarked for projects helping to create housing and jobs for local people.

The Growing Enterprise Fund was established last year by Enterprise M3, the Local Enterprise Partnership for the wider M3 corridor, to kick start infrastructure and other projects that will drive economic growth in the mid and north Hampshire and south west Surrey areas.

Projects that are suitable for funding from the Growing Enterprise Fund are those that will:

  • Deliver economic growth, especially jobs and housing

  • Enable development where there is proven demand

  • Kick start or bring forward development

  • Be delivered, and soon

  • Repay the loan quickly

  • Offer value for money

The Fund has already allocated funding to five successful projects and these will be delivering vital jobs and housing across the Enterprise M3 area.One of the successful projects is Tannery Studios in Send which Enterprise M3 is funding up to £200,000.  The Tannery Studios is part of the Send Business Centre, which offers office and meeting space to businesses in the Woking area. The Centre also includes a newly opened purpose built recording studio and is looking to develop as a centre for the creative sector building on the strengths in this sector in this part of Surrey.

Wey Holdings Ltd, who submitted the Tannery Studios project proposal, will use the £200,000 to provide improved broadband infrastructure to its tenants, secure and repair canal wharf frontage that will, in turn, allow them to refurbish the office space and attract more businesses to the centre. The funding will also be used to create new highway signage.

Geoff French, Chair of the Enterprise M3 Board, said: “The Enterprise M3 Board is delighted to launch the next round of the Growing Enterprise Fund. We want to use this £10million to fund developments that will make a real difference to our local economy. Our aim is to create more jobs and build more houses and Enterprise M3 is looking for projects that can quickly deliver this kind of growth.

“If you have a scheme, and it could be transport, utilities, broadband, flood defences, land remediation or an innovation/enterprise centre, that is ready to go but just needs a little bit of help in getting it going, I encourage you to contact us immediately. We can advise you on whether your scheme is appropriate for the funding and signpost you to possible help in moving your project forward.”

Michael Hamburger, Managing Director of Wey Holdings Ltd, said: “For us, the saying where there is an emergency there is an opportunity has come true. Following the failure of our banks, first Northern Rock, and then Lehman's, we were able to turn to Enterprise M3 who helped fund vital infrastructure work that is helping my company support job creation in a high growth sector. 

“Enterprise M3 went further than simply providing funding; they have also helped us build useful new relationships in our local area.  As good example of which is the constructive dialogue that we now have with Surrey County Council, who are actively helping my company sort out some of the unique growth challenges of being a rural business. Without the help of Enterprise M3 my company would now be facing a far less certain future.”

Details of the fund can be found at, can be found at www.enterprisem3.org.uk/round-2/. If you wish to discuss a potential project or have any further questions, please contact Rachel Barker at funding@enterprisem3.org.uk or on 01962 846310.

ENDS