Investment Loans to Kick-start Stalled Projects
11th April 2013
Projects which have stalled owing to a lack of funding can be revitalised thanks to the Greater Lincolnshire Local Enterprise Partnership.
The organisation, which worries to improve infrastructure and the conditions for doing business in Lincolnshire, North Lincolnshire and North-East Lincolnshire, has opened the third round of the £9 million Invest and Grow Fund for projects needing loans ranging from £500,000 to £2m.
The fund, which is part of the national £500 million Growing Places Fund, aims to help drive forward the economy by offering loans to cover capital costs for large projects such as developing an existing building complex or bringing back a redundant building into economic use or creating new infrastructure routes to open up land for further economic development such as housing or employment.
Ursula Lidbetter, Chair of the Greater Lincolnshire LEP, said: “We are entering an exciting time as the LEP begins to take more control of shaping our economic future; this loan fund is an opportunity for a cash injection that will help the public and private sector realise their ambitions and further our goals to create a prosperous and economically sound Greater Lincolnshire.
“Many firms may be struggling to complete infrastructure projects that will create jobs and increase economic growth. The first two rounds of this funding have proved very popular, and we’re in the process of awarding £5 million of loans. We hope to see many businesses and organisations taking advantage of this opportunity.”
Over time, the cash is then paid back to Greater Lincolnshire LEP so it can make further investments to support economic growth. Submissions need to be made by 15th May 2013.
Key facts about the Invest and Grow Fund
- It is open to all businesses and organisations in Greater Lincolnshire (Lincolnshire, North Lincolnshire and North-East Lincolnshire)
- Applications from small and medium-sized enterprises are particularly welcome, as are those from the public sector
- Projects need to be ready to go with all the necessary permissions in place
- Projects need to demonstrate job creation and economic growth
- Loans are for capital investment in infrastructure such as building or expanding business premises; measures to unlock land for development such as new access roads; and other infrastructure projects that unlock wider investment, create jobs and result in a range of other benefits
- Infrastructure must be related to unlocking the development of larger growth sites. As a guide developments should be not less than 25 houses or not less than one hectare or at least 10,000 square metres net of commercial space or a combination in a mixed use development
- Priority will be given to schemes which fall within the LEP’s priority sectors, ie manufacturing, agri-food, visitor economy, ports and logistics, care and renewable energy
More information about the Invest and Grow Fund, the application process and contact details can be found at www.greaterlincolnshirelep.co.uk or by telephoning 01522 550515 to speak to Ruth Carver or Kate Storey.
Notes to Editors:
- The Invest and Grow fund totals £9 million and is aimed at restarting stalled projects which will help drive economic growth. So far, £5 million of that fund has been allocated for loans, subject to due diligence. Until that due diligence is completed, details of which businesses and projects have benefited cannot be disclosed.
- The Greater Lincolnshire Local Enterprise Partnership is a body led by the private sector which aims to improve conditions for infrastructure and doing business in the Greater Lincolnshire area.
- One of the first LEPs to be established in the UK, the Greater Lincolnshire LEP covers a large geographical area with a population of over one million and a diverse range of industries, from ports and logistics to farming, tourism and engineering.
- It includes North and North-East Lincolnshire and the administrative county of Lincolnshire and is controlled by a LEP board made up of leading figures in the public and private sector.
- For more information about the Greater Lincolnshire LEP please contact Ruth Carver or Kate Storey at the LEP Secretariat on 01522 550515, or visit www.greaterlincolnshirelep.co.uk