Southwark business owners and entrepreneurs will see a boost in support, thanks to the recent approval of funding to establish a new Enterprise Hub in the borough.
Southwark Council has released over £185,000 to support the establishment of The Enterprise Hub, an affordable workspace in Elephant & Castle, to be delivered by Southwark-based social enterprise, Trampoline NH CIC.
The grant is part of Southwark Council’s S106 affordable workspace funding and will be supported by an additional operational grant funding from Impact on Urban Health, a charity focused on improving health equity in Lambeth and Southwark.
Since partnering with the council, Trampoline has helped over 300 entrepreneurs receive business support, assisted over 50 new Southwark businesses to be registered, and supported more than 60 Southwark enterprises to introduce new products or enter new markets. The Enterprise Hub will allow them to expand their offering and provide subsidised, holistic business support rates for start-ups, solo entrepreneurs, and small businesses from underserved communities, the majority of which are minority-led and/or women-led.
Councillor Helen Dennis, Cabinet Member for New Homes and Sustainable Development, said: “I am delighted that The Enterprise Hub will be opening in Elephant & Castle. Our investment in this project, in partnership with Impact on Urban Health, highlights our commitment to growing a stronger and fairer economy in Southwark which everyone can benefit from.
“By supporting businesses and entrepreneurs across the borough who are typically underrepresented, we can drive the economic growth that will empower future generations and reduce inequality.”
Claudine Bongo, Executive Director Founder, Trampoline NH CIC, said: "Southwark Council’s capital funding to The Enterprise Hub will unlock more than just a building: it will enable us to build a launchpad for creativity, opportunities, collaborations and support to local entrepreneurs. The Enterprise Hub will provide the space, tools, and support our start-ups and entrepreneurs need to thrive."
Peter Babudu, Executive Director of Impact on Urban Health, said: "We're excited to be supporting The Enterprise Hub in Elephant & Castle in partnership with Trampoline NH CIC and Southwark Council. We hope to learn how this initiative and others like it can play a key role in strengthening healthy local economies.
“Financial security is one of the most important drivers of good health for both individuals and communities. By supporting minoritised and underserved entrepreneurs through The Enterprise Hub, we aim to strengthen local economic power and community wealth, and in turn reduce the stark inequalities that exist in urban areas."