Greater Manchester once again focuses on investing in local businesses and communities as it sets aside £38.6 million to boost jobs alongside the cities overall regional economy.
Communities and businesses within Manchester city region are about to gain large backing as Greater Manchester Combined Authority sets aside a £38.6 million fund in order to support local jobs and boost the regional economy; and it may be the first of many.
The fund is a small sum of the total £83.9 million which was allocated by the UK Shared Prosperity Fund (UKSPF). The £38.6 million is the first phase, of which has been directed towards a range of investments spanning from the green space to local authorities. The plan is as follows:
• £25.3 million is expected to be invested in Greater Manchester’s 10 local authorities, which will use the money to support city centre growth, green space, arts, and heritage across Manchester.
• £1.6 million is planned to support business sustainability over the next six months.
• The remaining fund will be invested in a SME Workspace Fund, aiming to support businesses in town centres; ultimately becoming the catalyst for town centre regeneration.
“Our proposals include support for our local authorities to improve and animate town centres, help for businesses to grow and thrive, as well as making sure our voluntary sector can build resilience. It is designed to deliver an economy fit for the future, ensuring all our communities will prosper and our city-region is the best place to grow up, get on and grow old.”
The latest UKSPF investment is not the first in the city region, as previously ‘Manchester Angels’- an investment network made up of investment bank GP Bullhound and property company Bruntwood- also plan to invest in the region. Their aim is to progress Manchester’s technology and life sciences sectors.
The plan for the network is to incorporate start-ups in the region with entrepreneurs who will mentor them, ultimately using the profits to start investing other various sectors as time goes on.
Ed Prior, vice president, GP Bullhound has said, “According to Tech Nation’s 2021 Report, over £13bn in investment was raised for UK technology businesses. Yet nearly 60% of that funding went to businesses based in London and the South,”
Within the last year alone, Manchester has showcased that investment in the region is one of the top priorities.