£71.9 million funding secured for Enterprise M3 LEP

Money Posted 29/01/15
The Enterprise M3 Local Enterprise Partnership (LEP) welcomes the Government announcement that it has been awarded a further £29.9million of funding from the Government’s Local Growth Fund plus £42million in loans from the Public Works Loan Board. This is in addition to the £118.1m of funding from the Local Growth Fund which was announced in July 2014.

The funding announced today will be used to support 14 infrastructure projects across the Enterprise M3 area. The Enterprise M3 Growth Deal, which is now worth £148million, will bring forward up to 4,000 new homes, create up to 7,000 new jobs, attract up to £410million new public and private sector investment into the area and improve transport links within and between key towns in Surrey and Hampshire.

The Enterprise M3 Growth Deal aims to drive economic development by investing in key infrastructure projects to improve connectivity across Hampshire and Surrey. It brings together local, national and private funding focusing on four key priority areas as identified in the LEP’s Strategic Economic Plan:

• Supporting enterprise and innovation

• Growing the skills base in the region

• Accelerating housing delivery

• Enhancing urban and rural connectivity

Enterprise M3 will be working with project partners on the details of the schemes and all schemes will be subject to due diligence and contract.

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