Here, the Swindon and Wiltshire team explain how the Getting Building Fund is delivering in the area – with big expectations for future investments
When the pandemic hit the UK, businesses across the country had to swiftly adapt or be swept away in the uncertainty of the virus. So many businesses were unable to stay financially viable, as they struggled to reach their normal thresholds of income and activity.
In July 2020, the Government announced a £900 million Getting Building Fund to deliver jobs, skills, and infrastructure across the UK, earmarked for shovel-ready projects. This fund was created as a booster for specifically local economies, as regions that previously struggled before the virus fought to regain any sense of growth.
Businesses are fragile ecosystems, set within the larger ecosystem of the economy. The COVID-19 pandemic was an unforeseeable event, but adaption has always been necessary to human survival.
While the virus continues to harm vulnerable communities across the country, the UK is gearing up to rebuild the economy as much as possible. Countless jobs and livelihoods were harmed by the devastation left behind in the wake of COVID-19, from lives lost, to businesses permanently shuttered by changed socio-economic landscapes. Local areas, especially smaller businesses, took a significant hit over the course of two years. The Swindon and Wiltshire Local Enterprise Partnership (SWLEP) was awarded £9.7 million under the scheme, which largely targeted LEPs.
SWLEP had already been working closely with local businesses through our Growth Hub as well as various groups and projects, from April 2020, they redoubled efforts to collate intelligence from our businesses and education providers to better understand any arising local issues.
SWLEP will be taking the funding and funnelling it into three projects, which are expected to generate over 700 new jobs.
To understand how this funding will shape the area in more detail, read all about their strategies and plans here.