A partnership between Waltham Forest, Enfield and Haringey councils has been awarded £5.75 million to provide an economic boost to the Upper Lea Valley area, including £750,000 to support existing and attract new businesses at Rigg Approach in Lea Bridge.
The £5.75m investment, which has been awarded through London Councils, will make a substantial contribution to delivering economic growth, boosting productivity and intensifying use of employment land in the Upper Lea Valley, a key regeneration area for London. As the money came from the London Business Rate Pool it means rates paid by businesses are being used to support new and existing enterprises.
The investment recognises the joint work of the Greater London Authority, Waltham Forest, Haringey and Enfield councils to promote the Upper Lea Valley as London’s “Productive Valley”, with the aim of realising its full economic potential.
Waltham Forest Cabinet Member for Economic Growth and High Streets, Councillor Simon Miller, said: “This £5.75 million will help the Upper Lea Valley become a hub for enterprise. Waltham Forest Council is committed to using part of the funding to offer loans to support key business sectors and to ensure commercial space is fit for modern businesses to use.
“These loans will help enterprises to grow and attract new investment and businesses to the borough so we can provide more local jobs for local people, which is a key part of our life chances work.
“I am particularly pleased that £750,000 of the funding is to be spent improving one of the borough’s key Strategic Industrial Locations at Rigg Approach. Rigg Approach is an important existing industrial area that has significant potential to accommodate additional businesses and commercial space as part of the wider regeneration of Lea Bridge.”