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Businesses in Croydon are to benefit from a slice of multimillion-pound government funding which will boost the local economy and create jobs across the borough.

The Coast to Capital Local Enterprise Partnership, which the borough is part of, has been successful in two funding bids from the government’s £506m Regional Growth Fund.

The partnership, which supports businesses from Croydon down to Brighton via the Gatwick Diamond, is one of 102 companies and projects from across the country to be awarded funding.

Councillor Vidhi Mohan, Cabinet Member for Communities and Economic Development, said:  “Receiving a slice of this multimillion-pound fund is fantastic news which will provide a huge boost to the local economy in Croydon.

“It will generate private investment in the borough, help innovative businesses grow, and create jobs for residents.”

Coast to Capital will offer grants to local businesses that are investing in innovation and environmental technologies.

The funding will be targeted at those businesses developing new ideas, products, services and intellectual property.

Reacting to the announcement, Ron Crank, Chief Executive of Coast to Capital said: “This is exciting news for our region as it is the first time we have ever received Regional Growth Fund funding.  This will enable us to back those businesses that are investing in innovation and environmental technologies.  It’s a real boost for growth and jobs – a vote of confidence in our region’s businesses.”

Specialists from Brighton, Chichester and Sussex universities and the Sussex Innovation Centre will be on hand to support businesses that receive funding.

Those developing new low carbon and environmental technology products and services will also be able to tap into support from the University of Brighton’s green growth platform.