As part of the national City Deal initiative, more than £40m is being spent on developing an area designated as the Creative Quarter.
The Creative Quarter already has a high concentration of Nottingham’s three key emerging sectors – health and life sciences, the creative and digital media sector, and green tech.
New businesses in these sectors are being encouraged to locate in this area to create a high-value clustering effect.
Described as an ‘incubator without walls’, the Creative Quarter is home to BioCity Nottingham, as well as Antenna, Broadway, Broadmarsh East and the Island site.
As part of the City Deal, the Government has committed up to £1m to creating a Skills and Apprenticeships Hub. There will also be a £1m Creative Quarter Loan fund, a £10m Nottingham Technology Grant Fund and a £40m Venture Capital fund to support businesses in the city.
Other elements of the scheme include £8m for transport and infrastructure improvements in the area and the creation of a ‘Youth Hub’ to tackle youth unemployment and pilot adult and community learning schemes.