New £7m pot of funding aims to boost local economy

Matt Furniss (left) said the fund was a great opportunity for businesses to secure immediate investment

Up to £7m worth of funding is now available from Surrey County Council for innovative ideas that aim to drive economic growth in the area.

Businesses, employer representative groups and partner organisations are all invited to apply for investment from the council's new Economic Growth Fund.

The 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.

Matt Furniss, the council's cabinet member for highways, infrastructure and economic growth, said: "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."

The aim was to make it as simple as possible to apply for money, so a range of funds, such as UK Shared Prosperity Funding from the government, was pooled together into a single application process.

The first round covers grants to create jobs, funds to improve physical infrastructure and money to support innovative proposals.

Those applying are encouraged to demonstrate how their bid delivers against the three priorities in the council's refreshed economic strategy – workforce and skills, business growth, and economic infrastructure in Surrey's communities.

Applications for the first round are now open and due to close at the end of May.