Town centres profiting from council cash

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21st and 22nd January 2006

Small businesses operating in the borough�s town centres will get extra help with improving their premises after councillors agreed changes to the current financial support package.

The Town Centre Improvement Scheme (TCIS) provides a mix of grants and interest-free loans to businesses in Balham, Clapham Junction, East Battersea, Putney, Tooting and Wandsworth.

Support also extends to smaller local shopping areas in Mitcham Lane, Tooting Bec, East Putney and Roehampton.

The cash can be used to improve premises, upgrade shop fronts and exteriors and install equipment to enhance the business.

The council�s economic development office has now streamlined the scheme to meet the needs of smaller traders in town centre areas. Changes include less paperwork, speedier decision-making and a lower starting point for cash help of £1,000. The maximum assistance will go up from £13,000 to £15,000 and the level of support stepped up from 25 per cent of eligible expenditure to 33 per cent.

In East Battersea and Balham�s Hildreth Street, which have been identified as having more substantial investment needs, the upper limit will be £30,000.

New parades will also be added to the scheme. These include parts of Tooting Bec Road, Upper Tooting Road, and Church Lane as well as business premises at 231-241 Putney Bridge Road and Hardwicks Way, Wandsworth.

Cabinet member for regeneration and transport Guy Senior said:

�The scheme has been crucial in strengthening the borough�s key shopping areas. It has been particularly popular with some of the larger concerns who have been able to bring in their own investment to achieve substantial improvements.

�Now we want make sure that smaller businesses can also benefit from the financial packages available. We hope that by streamlining procedures we can generate a new wave of activity from the many independent traders in these areas.�

In the last three years financial assistance from the council of £1m has led directly to a further £9m of private investment. The scheme has helped 85 local firms, created 216 new jobs and preserved 257 others.

Since the TCIS was launched in 1994 it has provided support for more than 500 businesses, ensured higher occupancy rates and made town centre shopping more attractive for local people.

Firms interested in finding out more details can call John Ruske at the council�s economic development office on 020 8871 7031 or email to jruske@wandsworth.gov.uk

January 16, 2006