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.