Funding to boost growth is now available from Surrey County Council with millions available for innovative ideas to enhance the economy.
Businesses, employer representative groups and partner organisations are all invited to apply for investment from the new Economic Growth Fund.
Up to £7 million is available for this financial year. Grants will be awarded to those demonstrating how they will boost economic outcomes for the people, places and businesses of the county.
Applications for the first round are now open, closing at the end of May. Apply via the form on the Business Surrey website.
The launch comes as the Council also publishes Surrey’s Economic Growth Strategy 2025 to 2035, which sets out the long-term focus and priorities to drive sustainable growth in the county for the next decade.
What is the Economic Growth Fund?
The Economic Growth Fund has been created by the Council in collaboration with employers from across the county via the One Surrey Growth Board and Business Leaders Forum.
The idea is to make it as simple and easy-as-possible for those looking to apply for funding to boost growth.
So, a range of funds, such as UK Shared Prosperity Funding from government, have been pooled together into a single application process.
The first round covers three areas.
- Business Growth Grants support companies of all sizes to scale up and create jobs. Match funding of between £10,000 and £50,000, covering 50% of project costs is available.
- The Innovation Spaces Fund focuses on physical infrastructure, such as training hubs, collaborative workspaces, and testing facilities. Minimum bid of £50,000.
- The Future Surrey Fund is open to anyone, including partners – such as employer representative groups, local authorities, research institutions and schools. Applications should focus on innovative ideas that can scale while delivering economic impact in Surrey.
To apply, you’ll need to demonstrate how your bid delivers against the three priorities in the refreshed economic strategy. These are workforce and skills; business growth; and economic infrastructure in Surrey’s communities.
There’s a two step process for all three areas, starting with an expression of interest.
Read more about criteria and closing dates on the Economic Growth Fund page.
“A fantastic opportunity”
Matt Furniss, Surrey County Council’s Cabinet Member for Highways, Infrastructure and Economic Growth, said:
“This is a fantastic opportunity for businesses, training providers and partners to secure immediate investment in ideas to drive growth in Surrey.
“We know that Surrey has a strong economy, contributing £50 billion a year to UK PLC. But the refreshed economic strategy highlights several challenges around start-ups, high-growth businesses, retaining talent and an increasing number of people out of work.
“The new Economic Growth Fund is one of the ways we can tackle those challenges while delivering benefits to the people, places and businesses across the county. Our ambition is simple: we want to position Surrey as one of the UK’s leading regional economies while ensuring No One is Left Behind.”
Chris Hurren, Chair of the Surrey Business Leaders Forum, said:
“Growth in Surrey, like much of the country, has slowed in recent years. We can only tackle the challenges by working together while focusing on the needs of businesses and outcomes for our people and places.
“The refreshed Economic Strategy, which is evidence-led and developed in partnership with businesses, employer representative groups, academia and other key stakeholders, is very much the starting point of our journey.
“Together, we’re determined to drive forward this ambitious agenda and deliver our ambition to benefit our residents, businesses and wider communities.”
Read the full criteria and other key details are on the Economic Growth Fund page.
