Finance in Cornwall (Bonus Material) - April 2018
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This document summarizes funding programs and initiatives to support coastal communities in the UK that face economic challenges. It outlines two key funds - the Coastal Communities Fund that has provided over £132 million for projects creating over 12,000 jobs, and the Coastal Revival Fund that has awarded £3.7 million for heritage restoration projects. It also describes Coastal Community Teams that help communities develop economic plans and priorities to promote growth. The overall aim is to empower coastal communities and unlock barriers to development through local partnerships and regeneration projects.
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Finance in Cornwall (Bonus Material) - April 2018
- 1. www.website.com Finance in Cornwall 2018 Bonus material • Coastal Communities Fund • The Health & Wellbeing Challenge Fund (SW)
- 3. 3 Nature of the Challenge Persistent levels of deprivation Tendring - around St Osyth and Seawick (Jaywick) Blackpool - By Central Pier Blackpool - Around the promenade near North Pier Thanet - Cliftonville West Blackpool - Near the South Pier Tendring - Clacton-on-Sea Blackpool - Between Waterloo Road and St Chad’s Station Coventry - Around Hillmorton Road in Henley Blackpool - Woolman Road and Clinton Avenue Waveney - near South Pier in Lowestoft Blackpool - around Cookson Street Kingston upon Hull - Around St John’s Grove North East Lincolnshire - Around Oxford Street in Grimsby Burnley - Around Tay Street and Howard Street Burnley - Between Belvedere Road and Church Street Mansfield - Around Sandy Lane Blackpool - Around Manchester Square and Rigby Road Blackpool - Around Clevedon Road and Carshalton Road Blackburn with Darwen - Wensley Fold Great Yarmouth - Along the seafront 14 of the top 20 most deprived places in England are coastal communities – April 2016 Ageing population, poor employment and health outcomes • 20% of the population in coastal communities are 65 or over (compared to 16% in England and Wales) • Employment rate for 16-64 years olds was 69.2% and 31% of employees worked part- time (71.2% and 28.3% in England and Wales) • 7% of working age residents in coastal communities had a long-term health problem that limited their day-to-day life. (5.7% in England and Wales)
- 4. 4 Why the need for a separate approach for coastal towns Typical characteristics of coastal towns: - former holiday towns – facing economic challenge where investment has stalled - higher than average deprivation – more likely to be poorly educated, unemployed (or seasonal/part time work) and living in poor quality housing (ex B&Bs converted to HMOs) - Increasingly being used to house the vulnerable (with room for rogue landlords to exploit) (generally white WC) - Poor employment opportunities locally or access to employment hubs
- 5. 5 Supporting coastal communities More than 11 million people live across the coast and the tourism industry across 150 seaside resorts contributes £4 billion to the economy each year. The Government recognises that coastal communities face particular challenges but have huge economic potential. The Government is committed to supporting coastal areas unlock barriers to their development and growth, and to strengthen their appeal as places to live, work and visit. We have been working to encourage greater community involvement in coastal areas, in partnership with local authorities and support the development of local solutions to issues facing coastal communities.
- 6. 6 Importance of Local Place • Identity and history • Unique selling point • Community specific • Connectivity • Partnership • People • Planned regeneration
- 7. 7 What have we done – Empower Coastal Communities Coastal Community Teams are leading coastal regeneration, bringing jobs, growth and prosperity to coastal and seaside towns. 146 Coastal Community Teams have been established covering the majority of the English coastline. Each Team has received £10,000 of funding to help them get established. Teams ensure the local community works together with the local authority, businesses, and local stakeholders to agree priorities for economic development in their area. Coastal Community Teams are: • Understood locally • Resource for Whitehall • Structures that can engage providing a single voice for their coastal town
- 8. 8 Structures – improving the way we work with the coast All CCTs are required to produce Economic Plans setting out both the short term and longer term priorities to enable for their area to promote jobs and economic growth. CCT Economic Plans bring • Community support • Peace makers • Assurance of buy in • Issues/aspirations identified • Clear direction of travel Every Economic Plan is publically available on the Coastal Communities Alliance’s website http://www.coastalcommunities.co.uk
- 9. 9 Support coastal areas create jobs and investment Coastal Communities Fund (CCF) • Established in 2012, it provides grants to projects that encourage growth and jobs. • Funding comes from Crown Estate’s marine revenues, so linking income from dredging, wind farm licenses etc to communities on the coast. • From 2012-2017, the Fund gave £132 m worth of grants to 131 projects in England (there are also funds going to projects in the DAs). • Projects supported in England 2012-17 are forecast to deliver over 12,000 jobs, 5,000 training places and apprenticeships and attract over £194m of public/ private co-finance. • Analysis shows that every £1 invested has the potential to create an up to £8 boost to our coastal economies. • Round 5 of the CCF is currently open for bids – until 30 April 2018 – up to £45m available to spend between 2019-2021. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 34 98 133 6 5 4 3 2 97 96 95 94 62 & 93 92 17 & 91 90 89 88 87 86 84 19 & 83 81 7 & 82 79 78 77 76 75 74 73 16 & 71 70 1 & 69 68 67 68 65 64 63 61 60 59 58 57 56 55b 55a 54 53 52 51 37 & 50 49 49 47 46 45 44 & 80 43 42 41 41 39 38 127 36 35 33b 33a 32 31 30 29 28 27 26 & 72 25 24 23 & 85 22 21 20 18 15 14 13 12 11 10 99 98 134 132 131 130 129 128 126 125 124 123 122 121 120 119118 117 116 115 114 113 112 111 110 109 108 107 105 & 106 104 103 102 Map of CCF projects in England
- 10. 10 Coastal Communities Fund Regenerating seafront in Seaburn, Sunderland Developing tourist facilities in Carbis Bay, St Ives Business development support in Barrow-in-Furness Examples of CCF Projects Refurbishment of Swanage Railway Providing new facilities to enhance Clevedon Pier, Somerset
- 11. 11 Bring heritage assets back into economic use Coastal Revival Fund • The Coastal Revival Fund has provided £3.7 million to support 92 projects in coastal areas, to help kick start regeneration of “at risk” coastal heritage that has the potential to create opportunities for new economic uses. • Funding acts as a catalyst to unlock restoration of currently empty / derelict buildings so they can be put to productive economic use, e.g. piers, lidos, heritage theatres etc. • Awards of up to £50k enabled feasibility studies to be undertaken, providing support to CCTs applying to the Coastal Communities Fund
- 12. resonance.ltd.uk @resonanceltd We are a social impact investment company. We work with social enterprises and charities by offering advisory services or help to raise capital from like-minded investors. We also create impact investment funds, which deliver financial return and targeted social impact.
- 13. Resonance Advisory UK Wide Helps Charities and Social Enterprises - Raise investment - Seize an opportunity - Diversify income - Market development Over 165 organisations supported
- 14. Resonance Funds Community Property Enterprise Growth UK Wide 7 Funds Covering: Housing / Homelessness Dismantling poverty Health & wellbeing
- 15. The Health & Wellbeing Challenge Fund (SW) Do you improve wellbeing? Do you provide health care? Do you need Finance? Assets / Equipment Working Capital Revenue Development Growth Efficiency Improvements How can we help? Loans to £150K Risk Finance to £50K Grant Funding to £10k (as part of the above) South West only Specific to address Health and Wellbeing Challenges Various types of organization supported Over £485,000 invested to date.
- 16. Questions? Contact: leila.sharland@resonance.ltd.uk 01566 457437 07984 238978 resonance.ltd.uk @resonanceltd
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