Growing Places Fund
Hertfordshire LEP has been allocated £16m Growing Places Fund (GPF) from Government to boost economic growth by getting the required infrastructure built to enable the creation of new jobs and kickstart stalled projects.
The revolving loan scheme has been used to unlock developments and enable the delivery of new jobs, commercial space and homes.
To date it has been allocated to:
Elstree Studios: studio owner Hertsmere Borough Council received a £1m loan from Growing Places Fund towards a £4.5m project to finance Elstree’s long-standing plans to clear four acres of land to build film and television facilities including a third large stage, together with additional business premises.
Watford Business Park: £1.5m to redevelop part of the site
Watford Health Campus: the £6m funding will support infrastructure to improve access to the site, where there will be a new hospital, housing, offices, a hotel, a business park and green spaces for the local community.
Hertfordshire Growth Hub: £0.35m for business support co-ordination.
Hatfield Renewal Project: up to £100k to deliver strategic visioning work to develop an agreed renewal programme for the town.
Smartgo Stevenage:£16,000 to support the business travel network. The network (Smartgo Stevenage) has been established and currently has 10 employer members representing over 10,000 staff. These include BTC Wenta, GlaxoSmithKline, Hertfordshire County Council, The IET and MBDA.
In addition to GPF, the LEP has successfully secured as part of its expanded Growth Deal a £12.5m Evergreen Infrastructure Fund which will support a number of regeneration schemes including projects in Bishop’s Stortford and South Oxhey with the potential to build an additional 2,910 homes.