Funding worth millions is now available from Surrey County Council for innovative ideas to drive growth across Surrey.

Businesses, employer representative groups and partner organisations are invited to apply for investment from the new Economic Growth Fund.

Up to £7 million is available for this financial year – with grants awarded to those demonstrating how they will boost economic outcomes for the people, places and businesses of the county.

Applications for the first round are now open and due to close at the end of May via the Business Surrey website.

Matt Furniss, the council’s cabinet member for highways, infrastructure and economic growth, said: “This is a fantastic opportunity for businesses, training providers and partners to secure immediate investment in ideas to drive growth in Surrey.

“We know that Surrey has a strong economy, contributing £50 billion a year to UK Plc. But the refreshed economic strategy highlights several challenges around start-ups, high-growth businesses, retaining talent and an increasing number of people out of work.

“The new Economic Growth Fund is one of the ways we can tackle those challenges while delivering benefits to the people, places and businesses across the county.”

The first round covers three areas:

Business Growth Grants designed to support companies scale up and create jobs. Match funding of between £10,000 and £50,000, covering 50% of project costs is available.

The Innovation Spaces Fund focuses on physical infrastructure, such as training hubs, collaborative workspaces, and testing facilities. Bids of £50,000 and upwards are welcomed.

The Future Surrey Fund will support a small number of high-quality innovative proposals that deliver economic impact at scale. It is open to anyone, including employer representative groups, local authorities, health bodies, research institutions and schools.

For full details, including criteria and closing dates, visit www.businesssurrey.co.uk.