COLCHESTER could receive a huge injection of funding after ambitious plans to improve the city were unveiled and submitted to Number 10.
Bosses at Colchester Council are hoping to secure £1.3million from the Government’s Shred Prosperity Fund, which is part of Downing Street’s Levelling Up programme.
The money pot is considered the domestic replacement of the European Structural and Investment Programme, which was essential for regeneration and jobs.
The authority’s submission comes after cabinet members agreed to put forward an investment plan which has been drawn-up and developed with a range of partners.
If the bid is successful, the money will be spent on supporting businesses with advice and training and used to help people get into work in a range of different sectors.
The funding will also be channelled into volunteering and innovation, providing specialist skills training, assisting creative companies and reducing crime.
The proposals are based on evidence and feedback from education providers, the local voluntary sector, and the Department for Work and Skills.
David King, leader of Colchester Council, believes the city has a great chance of being awarding the windfall.
He said: “This is a great opportunity to secure another significant investment into Colchester.
“We are confident we will meet the Government's criteria and they will accept our proposals for projects from next generation care and support to the creative and digital sectors and other businesses, including construction.”
If successful, Mr King says the funding will go a long way to helping build a strong and sustainable economy for the future in Colchester.
“The £1.3million from the Shared Prosperity Fund will make a real difference,” he added.
“Together with the Levelling Up Fund and Town Deal Fund, they will help to address inequality and support inclusive economic recovery, jobs, and growth across the borough.
“This is important new money that will help with the confidence, skills and sense of possibility in our soon-to-be city.”
Colchester Council expects to receive confirmation of the bid's success later this year in the autumn.
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