- Capital Investment - Kent & Medway, Growing Places Fund, Less than £2m
Construction in progress
Expected Completion Date
Workspace Kent will unlock jobs and business opportunities by enabling increased provision of business incubator space and other workspace offered on flexible terms.
It will do this by operating a challenge fund to which private developers and organisations in the public and third sectors can apply for loan funding matched with other sources of investment in order to bring forward business premises that would otherwise not be developed in current economic circumstances.
Workspace Kent aims to deliver:
- Additional business incubation and other flexible workspace where it cannot be financed by the market at present. It is anticipated that the programme will support at least six facilities across Kent.
- New business generation – it is anticipated that approximately 210 new business units or workspaces will be delivered.
- New jobs – it is anticipated that the facilities supported by Workspace Kent will accommodate around 900 jobs.
- Better support for business. Workspace Kent will be delivered in partnership with High Growth Kent, the Kent Chambers of Commerce and (where appropriate) local universities, building on the successful partnership that already exists to ensure that businesses located within Workspace Kent-sponsored facilities receive high quality business support and guidance.
Capital Programme delivery update
Take a look at our update on the delivery of the Local Growth Fund (LGF) and Growing Places Fund (GPF) capital programmes.
Growing Places Fund
The Growing Places Fund (GPF) was established by the Ministry for Housing, Communities and Local Government (formerly the Department for Communities and Local Government) and the Department for Transport (DfT) in 2011. The aim of this funding is to unlock economic growth, create jobs and ‘kick-start’ house building at stalled development sites.
The GPF was made available to SELEP for investment as a recyclable loan scheme. Loan repayment schedules for each project are agreed within the credit agreement which is put in place at the start of the project. Repayments against these projects are returned to the central pot for reallocation to new projects.
Through the GPF Round 1 awards, a total of £47.459m GPF was awarded to 13 capital infrastructure projects across the South East LEP area. Initial repayments are now being made by some of the Round 1 projects which has allowed funding totalling £9.317m to be awarded to a further 8 projects through GPF Round 2.