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London boroughs seek £70m to support business in Olympic area
The five London boroughs associated with the 2012 Olympic Games have teamed up to submit a 10-year, £70m funding bid to support businesses in the area.
Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest plan to use the Games as a catalyst to secure training and employment opportunities for local people as well as long-term business growth.
The bid, submitted to the government’s Local Enterprise Growth Initiative (LEGI) proposes schemes including support for local businesses in competing for Olympic and regeneration contracts, assistance for local people to become active in the tourism industry, helping people set up their own businesses and offering enterprise education to children aged between seven and 13.
Greenwich Council leader Chris Roberts said, "Winning the 2012 Games for London is already bringing new hope and new opportunity to the capital - most particularly to Greenwich and other parts of the Olympic area.
“These areas have experienced high levels of unemployment and economic decline, but are being turned round with the benefit of concerted programmes of regeneration, backed by both private and public investment.
"Success in this LEGI bid will allow the five Olympic boroughs to work together, in transforming the local and regional economy and in ensuring increased business prosperity for the area, not just up to 2012 but well beyond."
A decision on whether the bid has been successful is expected in December.