Future Workspace Fund
The Future Workspace Fund is Lambeth Council’s new loan and grant fund for affordable and supportive workspace providers.
The fund will make grant and loan investments for capital expenditure to workspace providers that are developing new or enhancing existing affordable and supportive workspaces. It will also work with these organisations and match funders to grow clusters and enhance affordable and supportive workspace in the borough.
The fund has three key objectives:
- To stimulate high-value cluster growth and inward investment in innovation-led sectors.
- To support COVID-19 recovery by helping existing businesses to survive, adapt and thrive in the new economy.
- To attract and generate new business growth and new employment, self-employment, employment pathways (with a focus on black, young and disabled residents) upskilling, reskilling, training and apprenticeship opportunities for residents.
What will be funded?
The types of workspace that are expected to be funded include:
- Specialist incubators focused on innovation-led sectors such as medtech, life sciences, green tech and services, creative and digital.
- Cultural workspaces such as creative studios.
- Affordable workspaces for charities and social enterprises supporting priority groups.
- Enterprise space projects within more residential areas.
The fund has a first preference for loan funding but will also consider grant investments alongside commercial funding agreements.
The first round of applications opened on 8 December 2020.
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