A new £13 million fund has been launched by the Mayor of London, Sadiq Khan, and Mayor of Newham Rokhsana Fiaz to drive the transformation of Newham’s Royal Docks, with local projects at its heart.
Modelled on Mayor Khan’s successful £70 million Good Growth Fund – which was launched in 2017 – the Royal Docks Good Growth Fund is tailored to the specific needs of the area and will help residents and local organisations deliver projects to make it a more attractive place to live, work, visit and invest.
The Royal Docks is London’s only Enterprise Zone and is a joint project between the Mayor of London, Newham Council – led by Mayor Fiaz – and the London Economic Action Partnership (LEAP). It has the potential to deliver 35,000 jobs, 4,000 new homes and more than £5 billion of inward investment by 2037/38.
The fund is open to public, private and third-sector organisations including local groups and charities which work closely with the local community. It will cover up to 50 per cent of the total project value, with the remainder covered by the applicant.
Projects already funded under the London-wide Good Growth Fund include the creation of low-cost workspaces from rejuvenated garages, community market gardens, refurbished community arts and cultural spaces, and upgrading existing street markets.
Like the London-wide scheme, funding will be delivered through the LEAP and will support projects which are inclusive, innovative, and tackle some of the challenges facing the Royal Docks.
Using the principle of ‘good growth’, the scheme will fund projects which let residents actively participate in their local community and civic life, as well as those which improve existing public spaces and benefit health and wellbeing.
The fund will also seek to support local economic activity, create new jobs and workplaces, and ensure these opportunities are accessible to the whole community.
Plans for the regeneration of the Royal Docks over the coming decades are set to establish the area as hub for enterprise, employment and culture, as well as a test-bed for technological innovation.
Mayor Khan recently announced a consultation on proposals to relocate the Greater London Authority from its current home to The Crystal building in the Royal Docks, in order to save the organisation £55 million over the next five years and protect front-line services.
Mayor Khan said: “I’m delighted to launch this fund, in partnership with the Mayor of Newham, which will use the principle of good growth to drive the transformation of a part of the capital with enormous economic and social potential. I’m urging community groups, social enterprises, small and medium-sized businesses and charities to put forward their ideas.
“This part of London has a huge pool of creative talent – this, combined with local people’s enthusiasm and range of expertise, means I have no doubt we can deliver many innovative projects to regenerate the Royal Docks for the benefit of local people and London as a whole.”
Mayor Fiaz said: “In the face of the Covid-19 crisis and its economic impact, the launch of the Royal Docks Good Growth Fund is a vital contribution to London’s recovery plans. The pandemic has highlighted the increased financial pressures for Londoners and our people in Newham, which has the highest number of furloughed staff and small businesses in the Capital. We face the prospect of some 102,000 residents at risk of unemployment, so the Good Growth Fund will be an important catalyst to offset the economic challenges people and businesses will face across London.
“As the Capital’s only Enterprise Zone, Newham’s Royal Docks has a rich history of innovation and transformation. This funding will provide further incentives for local businesses, organisations and residents to shape its future, so all members of our diverse community can access and share the benefits of the Good Growth Fund and deliver for London.”
If you wish to make an application to the Royal Docks Good Growth Fund, visit https://www.royaldocks.london/goodgrowthfund