A further £1.6m will be invested into building vital new business premises in East Hampshire through the Invest for Growth Initiative.
East Hampshire District Council (EHDC) has secured the money from Enterprise M3 Local Enterprise Partnership (LEP) as part of the LEP’s Growth Deal for Hampshire and Surrey.
The money will be combined with £1m of EHDC’s own money, announced in March 2015, to put towards developing new quality buildings for businesses to use. Money made through the new buildings will be ploughed back in to the local economy through successful schemes, such as the apprenticeship programme.
Cllr Ferris Cowper, EHDC Leader, said: “This is fantastic news and a great opportunity for East Hampshire.
“There is a real shortage of business space in East Hampshire. Local businesses need to grow and expand but it is difficult to find suitable premises. In some cases they end up having to leave and relocate elsewhere outside the district.
“This money gives us a real chance to do something about that delivery and supply of quality business premises.
“We want East Hampshire District Council to be one of the most business-friendly councils in the country and it is innovative schemes like this that will help make that a reality.”
The council has worked very closely with Enterprise M3 and the Business East Hants Partnership to develop an innovative initiative which not only addresses the issue of business floorspace but also job creation, business opportunity and economic prosperity.
Geoff French, Chair of the Enterprise M3 LEP, said: “This scheme will see 100 new jobs created and new, modern premises available to rural businesses. In the longer term, the aim is also to provide support to businesses to generate apprenticeships. Enterprise M3 has the seventh highest number of rural business units in England, and ensuring that businesses in these parts of Hampshire and Surrey are supported is vital. East Hampshire has a vibrant rural economy and I am very pleased that we’re able to fund this new, innovative approach with £1.6m to support and enhance the competitiveness of businesses here.”
The Enterprise M3 LEP has committed £1.6m to the initiative from its Local Growth Fund. The M3 LEP is a partnership between the public sector, private sector and Not for Profit sector and was set up by government to support and sustain economic growth at a local level.
