Small businesses on Upper Lee Valley industrial estates will have access to a new £2.7million fund launched to boost and celebrate enterprise in the area. The fund will help increase productivity, support quality job growth, create local workspace and enhance the Upper Lee Valley’s commercial impact.
The Productive Valley Fund – delivered by Haringey, Enfield and Waltham Forest councils with support from the Mayor of London – will support businesses who want to invest in capital building works, refurbishment or purchase of equipment.
It will offer loans on attractive terms, enabling existing businesses to grow and encouraging new businesses into the area, with a particular focus on industry, manufacturing and production, cultural, creative/maker businesses and green industries.
The Fund is open to industrial estate-based businesses that are located in, or are looking to relocate to, the Upper Lee Valley. Locations include – but are not limited to – North Tottenham and Tottenham Hale, Central Leeside, Lea Bridge/Leyton, Ponders End/Brimsdon and Blackhorse Lane.
The Upper Lee Valley has been London’s industrial heartland for more than 50 years and its growth potential is recognised as an Opportunity Area in the London Plan by the Mayor of London. It is already home to more than 2,000 businesses and 40,000 jobs, with businesses ranging from retail and wholesale warehousing, logistics and distribution, to food and beverage manufacturing and more.
Cllr Gideon Bull, Haringey Council’s Cabinet Member for Local Investment and Economic Growth, said: “Small businesses are a vital part of the area’s make-up and this fund will offer vital support, as well as helping to provide more jobs for local people. This fits in perfectly with Haringey’s bold Community Wealth Building work, ensuring that opportunities, jobs and economic success benefit our people, our communities and our businesses. We are delighted to be working in partnership with Enfield and Waltham Forest Councils to create these local opportunities.”
Enfield Council’s Leader, Cllr Nesil Caliskan, said: “Enfield has a proud legacy of manufacturing industry and this fund will help business establish and expand their operations, providing job opportunities for local people and boosting the borough’s economy. Enfield Council is working to create a diverse and thriving business base in Enfield and this money will help entrepreneurs and businesses grow and meet the challenges of the 21st century.”
Cllr Simon Miller, Waltham Forest’s Cabinet Member for Economic Growth and Housing Development said, “The Upper Lee Valley is a critical area for driving growth and Waltham Forest is committed to securing financial support for small businesses and putting significant investment into improving digital connectivity. By working with local authorities in Haringey and Enfield, we are confident our ambitious plans will be fulfilled.”
Deputy Mayor for Planning, Regeneration and Skills, Jules Pipe, said: “The Upper Lee Valley has been London’s industrial heartland for more than half a century and is identified as an Opportunity Area in the Mayor’s draft new London Plan. The Productive Valley Fund is a great example of how the public sector can support economic development in these areas, helping businesses flourish and supporting wider industrial growth across the capital.”
Find out more about the loan fund here.