£10m to improve district economy

The district council is planning a £10m investment in Newark and Sherwood’s economy over the next three years.

The council sees prosperity as the most important issue for the area and wants to ensure that economic growth is supported.

The plan includes a £5m spend on infrastructure and setting up a £2m loan fund, at market interest rate, to help local businesses grow.

Mr Roger Blaney, the cabinet member for sustainable development and regeneration, said: “Credit flow for businesses that have the potential to expand is a critical issue.”

Infrastructure could include a £1/4m major upgrade to broadband speeds in rural parts of the district.

Other priorities include helping long-term unemployed and young unemployed people through recruitment processes, as well as new apprenticeship opportunities in the council.

The £10m is made up of £5m in Government grants already received for the Growth Point bid, more than £2m in Government bonus payments for the building of new homes, the reinvestment of £1m reserves currently attracting 11/4% interest, and the redirection of existing budgets, staff and savings.

“We can guarantee the £10m, so we will,” said the chief executive Mr Andrew Muter.

Consultation with key partners in the business sector and wider community will now take place.