Poplar HARCA and Bow Packing Works have secured more than £2million in funding from the Mayor of London.
Boris Johnson announced last week that the two east London businesses will receive the money from the £20million London Regeneration Fund, which was set up to re-energise the capital’s offices and high streets by investing in the city’s creative and technology sectors.
The overall fund will go towards 24 businesses and community groups in the capital.
Poplar HARCA will receive £1,779,250 from the LEP, which will be added to £2,130,456 match funding, to convert 81 underused garages and surrounding land into a new fashion hub, which will include a clothes factory and incubation space for designers.
The scheme, which is being led in conjunction with the London College of Fashion, UAL, will also help to provide skills and training opportunities in the local community and.
Bow Packing Works will receive £400,000 from the LEP, alongside £40,000 match funding, to refurbish its building for co-working space, artist studios, workshops, event space and bar/restaurant - unlocking 7,600m2 of workspace.
Mr Johnson said: “It’s important that we make sure they continue to meet the needs of a rapidly evolving city and the talented people who are key to its future success.
“It’s fantastic to see so many applicants to this fund, offering innovative ways to nurture and support the dynamism and creativity that will power our economy in the years ahead.”
London’s 800,000 small and medium-sized businesses account for nearly half of the capital’s jobs and generate approximately £430billion turnover.