Suffolk Invests In Local Economic Recovery

The impact of Covid-19 has been significant on Suffolk’s businesses and our local economy and while the county wide rate of infection allows us to remain in Tier 2, we must all – residents, the public sector, and businesses – do our part to control the virus and prevent the spread as we move towards recovery.

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 LEP funding.

The fund is open to projects that are sponsored by either a local authority or NALEP and respond to the significant impact of COVID 19 on Suffolk’s businesses, employees, and our local economy.  In this first round of funding five projects have been successful, with a total investment of £358,400 being committed.

Cllr Nick Gowrley, Chair of Suffolk’s joint Growth Portfolio Holders Group, said:

“I am pleased to announce investment of just over £350,000 to support Suffolk’s economic recovery from Covid 19. This year has been exceptionally challenging for our economy and the response of our local businesses, both their innovative approaches to maintaining activity – through for example moving to online trading – and in following national legislation and guidance to keep employees and customers safe, has been very impressive.

“As we move into 2021 and with added unknowns arising from EU withdrawal, we will continue to work in partnership across the public sector to build a resilient economy and secure additional investment as we can.”

The five successful projects from Round 1 are:

  • Rollout of digital high streets initiative in Babergh and Mid Suffolk District Councils.
  • Additional support for businesses taking on an apprentice in 2021 to fund equipment needs.
  • Improved coordination of work across Suffolk’s network of innovation hubs and greater integration of programmes of support for businesses.
  • Investment in our creative digital sector providing space for business growth and support for business start-ups.
  • Enhancement of the work being taken forward by the Cambridge Norwich Tech Corridor to deliver greater benefit for Suffolk businesses and link up with work at Adastral Park.

Submitted by the Suffolk Growth Partnership

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