The bid by the five boroughs is being submitted to the government's Local Enterprise Growth Initiative (LEGI), as part of a funding programme aimed at boosting enterprise in hard-pressed areas.
The bid features a package of measures designed to offer radically new forms of business support across the five boroughs.
Proposed schemes include:
--enterprise education for school students aged 7 to 13
--work placement and business start-up programmes to enable school leavers to become active in the local economy
--help for local people - particularly those from ethnic minority communities - to set up in business
--support to local businesses in competing for contracts and subcontracts through the Olympics and other major regeneration schemes
--provision of small, affordable workspaces in local neighbourhoods
--helping local people to become active in the tourist economy - including marketing support for local restaurants and other attractions, and advice for residents in setting up B&Bs
--support for worker-controlled co-operatives and other social enterprises
Greenwich LBC 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 the five-borough bid is expected in December.
1The government established the Local Enterprise Growth Initiative in 2005 with£300m available nationally, through a competitive bidding process, to all Neighbourhood Renewal areas.
The three main objectives of LEGI are:
-to increase entrepreneurial activity in deprived local areas
-to help locally-owned businesses to become sustainable and reduce business failure rate
-to attract inward investment and franchising into deprived areas, making use of local labour.
2The bid is being jointly submitted by the boroughs of Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest.