Councillors and the Borderlands Partnership have approved a business case aimed at securing investment from the Borderlands Inclusive Growth Deal for new business infrastructure in Coldstream.
At the end of last month, Elected Members approved the full business case for a project to deliver three modern, highly energy efficient business units at Coldstream Business Park. This was then approved at a recent meeting of the Borderlands Partnership.
Economic benefits
The project will deliver significant economic benefits, including the potential for nine jobs and addresses a lack of modern, good quality and suitably sized units to support inward investment and business growth.
The £1.2m project is part of the Business Infrastructure Programme within the Borderlands Inclusive Growth Deal, which will bring £85m investment from the Scottish Government, along with £65 million from the UK Government for projects in Scotland.
Hawick project
We are also progressing the development of a full business case for a similar project for new business units in Hawick, which will also seek to draw down funding from the Borderlands Inclusive Growth Deal. We are committing £632,000 itself to the Hawick scheme.
Councillor Scott Hamilton, Executive Member for Community and Business Development
“Investment into local business infrastructure is critical to supporting and growing our local economy, and the planned investments into Coldstream and Hawick will tackle a shortage of business units and help to attract new businesses to the area and also allow existing small businesses to grow.
“The Borderlands Inclusive Growth Deal is a huge opportunity for the Scottish Borders and our neighbouring authorities to take forward a range of exciting projects and investments and I am delighted at the continued progress being made.”
About the Borderlands Inclusive Growth Deal
The Borderlands Inclusive Growth Deal was formally signed on 18 March 2021, bringing in up to £452 million of fresh investment to the Borderlands area. The £350 million investment in the Borderlands Inclusive Growth Deal from the UK and Scottish Governments, is made up of £150 million for Scotland (£85 million from the Scottish Government and £65 million from the UK Government) and up to £200 million for England from the UK Government. This will be supported by over £100million of funding from local partners
The Deal is truly distinctive, covering the largest geographical area of any regional growth Deal negotiated with the UK and Scottish Governments and it is the first cross-border deal
The five partners across the Borderlands region are Cumberland Council, Dumfries and Galloway Council, Northumberland County Council, ourselves and Westmorland and Furness Council
More information is available from the Borderlands Partnership website.