The Good Growth Fund will be open to a range of public, private and third-sector organisations, which include London boroughs, community groups and charities which support regeneration in their local area.
The mayor of London’s fund will particularly focus on improving shopfronts, high streets and open spaces as well as funding projects which support specific industries and create new jobs.
“I am delighted to be launching this fund and making a real push to challenge the preconceptions of how regeneration happens in the capital,” said Mr Khan.
“I am calling on boroughs, community leaders, business organisations and the huge pool of London’s creative talent to bring forward their ideas.
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“Using the ingenuity of this city, people’s enthusiasm and our wealth of expertise, I have no doubt that together we can deliver many engaging, exemplary and innovative projects."
Delivered through the London Economic Action Partnership (LEAP), the fund will support up to 50% of the total project value, with the remainder covered by match funding from the applicant.
“We are delighted to be working alongside the mayor to invest in regenerating spaces and make them better for all Londoners,” said Dr Celia Caulcott, board member of LEAP.
“Ensuring more first-class environments that reflect the realities of living and working in the city will help Londoners of all ages and backgrounds to feel they are part of their local communities, as well as improving their health and wellbeing."
Mr Khan has already funded several regeneration schemes since being elected last year.
This includes the Thamesmead and Abbey Wood Incubator Campus, which is delivering affordable workspace to support the wider community as part of the plans to build new homes and rejuvenate Thamesmead.
The mayor has also funded the Centrepoint Café in Soho, which has created a social enterprise café and event space for hire and supports young people by providing training in the essentials of food hygiene and customer service to prepare them for a career in London’s food and hospitality industry.