East Suffolk Council
Suffolk Inclusive Growth Investment Fund announcement
The impact of Covid-19 has been significant on Suffolk’s businesses and our local economy and as we re-open, we must all - residents, the public sector, and businesses - do our part to control the virus and prevent the spread.
As part of their response to the Covid-19 pandemic, Suffolk’s Public Sector Leaders established the Suffolk Inclusive Growth Investment Fund (SIGIF), totalling £1.65m with contributions from Suffolk’s pooled business rates and New Anglia Local Enterprise Partnership.
The fund is open to projects which address the significant impact of Covid-19 on Suffolk’s businesses, employees, and our local economy. Projects must be sponsored by either a Suffolk local authority and / or New Anglia LEP.
Suffolk Growth are pleased to confirm a total of £367,292 has been awarded to three projects in Round 2 of the programme.
Cllr Nick Gowrley, Chair of Suffolk’s joint Growth Portfolio Holders Group and Suffolk County Council Portfolio Holder for economic development, housing and enterprise, said: “I am pleased to announce a further investment of just over £367,000 to support Suffolk’s economic recovery from Covid 19 through round-2 of the Suffolk Inclusive Growth Investment Fund. This brings the total to over £717,000 allocated between December 2020 and March 2021.
"Throughout 2021 SIGIF investment will boost local economic resilience and through our partnership approach we are working with local areas to respond to what has been an extremely challenging year.”
The three successful projects from Round 2 are:
• Town centre projects in Eye, Sudbury, Hadleigh and Stowmarket (Babergh and Mid Suffolk Districts) to generate new business opportunities and footfall, within a supportive business environment. Including: innovation space for start-up businesses, development of pop-up innovation hubs and short-term market stalls.
• Support for a multi-media community hub, South Street Studios in Ipswich, which houses 8 local businesses and delivers a range of activities focused on supporting new entrants into the sector, job creation and events & wider arts programme.
• Creation of flexible, active retail 'pods' in Bury St Edmunds, Brandon, Newmarket, Mildenhall and Haverhill, (West Suffolk District) focused on delivering retail business start-ups which will generate additional footfall, spend, and increase dwell time in town centres.
Funded by Suffolk Public Sector Leaders, Suffolk Growth is a partnership organisation that brings together local authority teams to develop and deliver our shared inclusive growth agenda. The partnership works closely with New Anglia Local Enterprise Partnership. Suffolk Chamber of Commerce, the University of Suffolk, Suffolk Constabulary, and wider public sector teams, including communities and health.
The Suffolk Inclusive Growth Investment Fund (SIGIF) is a £1.65m fund allocated by Suffolk Public Sector Leaders and New Anglia Local Enterprise Partnership to support local, place-based economic recovery from Covid 19 across Suffolk. The fund will support projects that respond to the significant impact of Covid-19 on Suffolk’s businesses, employees, and our local economy. There will be a rolling call for projects with decisions made quarterly (Dec / Mar / June / Sept) – the aim is to have all funding committed by 30 September 2021. A decision on continuing the fund will be made in June 2021.