Mayor to offer £20m for local projects to support London’s communities

06 June 2019

Third round of Good Growth Fund to open in the autumn 

 

London’s town centres, high streets and local regeneration projects will benefit from £20 million in funding made available by the Mayor of London, Sadiq Khan.

The third round of his Good Growth Fund will help Londoners play a key role in shaping the future of their communities, by supporting projects which boost local economies, improve the environment and bring people together.

The Mayor made the announcement at the opening plenary of the 10th International Public Markets Conference at Southwark Cathedral. The conference highlighted the sheer breadth of London’s markets to an audience of 300 leading figures from markets in more than 100 cities across 35 countries.

There are now almost 300 street and covered markets in London, which play a crucial role in the city’s economic, community and cultural life.

The Mayor is committed to supporting London’s markets: under the Good Growth Fund and his innovative Crowdfund London programme, 15 markets in London have benefitted from £12.4 million in funding since he came to office.

These include £2 million for the Blue Market in Bermondsey’s historic town centre in the heart of Southwark, and nearly £3 million for Mission Kitchen at the Food Exchange in Wandsworth, which provides affordable kitchen space to food start-ups and SMEs and training for Londoners of all backgrounds.

 Ensuring that Londoners of all backgrounds can participate in the city’s diverse and vibrant economy is one of the Mayor’s priorities. Across the previous two funding rounds, the Good Growth Fund has awarded just over £50 million to 108 local projects and is delivered through the London Economic Action Partnership (LEAP). 

The Mayor of London, Sadiq Khan, said: “I’m proud to support London’s markets and in the next round of my Good Growth Fund, I want to continue supporting innovative projects which celebrate London’s diversity.

“This funding is part of my wider strategy to improve town centres and high streets. I am determined to address some of the big challenges facing our communities and ensure Londoners have a big say in the future of their city.”

Vice President, Project for Public Spaces, Kelly Verel, said: "The Mayor's continued investment in markets and acknowledgment of their power to improve cities for all residents are the main reasons Project for Public Spaces chose London to host the 10th International Public Markets Conference this week. Through our 30 years of experience working with and researching public markets, we know first-hand the many important benefits they can provide to their surrounding communities, especially when they have the political and financial support of their municipality.

“Markets provide economic opportunities for vendors, especially women, minorities, and immigrants who often have a harder time getting a start in business. And because markets draw people to a public space, they also bring increased economic benefits to nearby businesses and strengthen their community's social capital. It is exciting to see a global city like London go beyond rhetoric, and show their commitment to public markets at this level."

The next round of the Fund will open for applications in September, with further announcements to follow later this summer.

The Mayor also announced that his Tomorrow’s Market initiative will be expanded in the coming months. This business support programme is being delivered in partnership with the London Markets Board and is aimed at attracting a new generation of market traders into the sector.

The pilot supported 15 start-ups on a budget of £75,000, which will be expanded to £250,000 and will seek to support many more traders in markets across London.

Notes to editors

About the Mayor of London’s Good Growth Fund 

The Good Growth Fund is the Mayor of London’s biggest regeneration fund and is delivered through the London Economic Action Partnership (LEAP). It was launched in June 2017 and will run until March 2021. 

The Fund provides funding, expert regeneration advice, design support and knowledge sharing opportunities to a broad range of public, private and third-sector organisations to support their projects to deliver against three strategic themes: 

  • Empowering People – Providing opportunities for everyone to take part in the economic and social life that London has to offer. Building an equal city and more integrated communities by fostering active citizenship and collaboration at a neighbourhood level. 
  • Making Better Places – Enabling an inclusive city of pleasant and healthy places, offering a mix of young and old, of housing tenures, commercial space, and access to high quality cultural, recreational and green spaces. Building on existing assets and qualities to make the city more liveable, making the best use of buildings, the spaces between buildings and supporting infrastructure. 
  • Growing Prosperity – Tackling barriers to businesses starting and scaling up. Growing more businesses and social enterprises that contribute to their local areas and improving digital connectivity. Finding new ways of boosting productivity, and broadening employment opportunities for London’s residents. 

The Fund provides capital funding from sources including the Local Growth Fund and European Social Fund, as well as expert regeneration advice, design support and knowledge sharing opportunities.

For more information on the Good Growth Fund, see: https://www.london.gov.uk/what-we-do/regeneration/funding-opportunities/good-growth-fund-supporting-regeneration-london.

About the London Economic Action Partnership (LEAP) 

The London Economic Action Partnership (LEAP) is the local enterprise partnership for London. The LEAP brings entrepreneurs and business together with the Mayoralty and London Councils to identify strategic actions to support and lead economic growth and job creation in the capital. 

For more information, see: https://lep.london/.

About the 10th International Public Markets Conference 

The International Public Markets Conference is held every two to three years in a different city. London will host the conference from 6-8 June 2019, in partnership with Project for Public Spaces (PPS), a New York-based not for profit organisation.  The conference brings together international representatives from the markets sector to explore the changing forces that are shaping public markets around the world. For more information, see: https://publicmarkets.pps.org/ 

About Project for Public Spaces (PPS) 

PPS is a non-profit organization dedicated to helping people create and sustain public spaces that build strong communities. Their focus is on connecting people to ideas, resources, expertise, and partners who see place as the key to addressing our greatest challenges. Since 1987, PPS has led the effort to revitalise existing markets and develop new ones across the United States through advocacy and best practice and events.  For more information, see: https://www.pps.org/.

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