The Growing Places Fund, from Greater Cambridge Greater Peterborough Enterprise Partnership (LEP), offers competitive loan financing for projects seeking to take an innovative approach to creating economic growth.
Mark Reeve, Chairman of the LEP, explains: “Investing in economic growth is an important part of the work we do here at the LEP. This £5 million of funding will help to support our businesses and local authorities to help unlock jobs and accelerate economic growth. We know that this type of funding works, and are able to launch this £5 million call for projects thanks to a successful first round of projects that have repaid their loans.”
To date the Growing Places Fund has invested £16.1 million that has helped to lever in a further £26 million of private and public funding and will unlock a total of 12,500 new jobs in the LEP area. Looking ahead, the LEP is keen to see even more jobs created thanks to the scheme.
Michael Barnes, Programme Manager for the Growing Places Funding at the LEP, added: “The funding is available to support creative and innovative projects that will help to unlock jobs and accelerate economic growth within the LEP area. We have already seen what a difference additional loan financing can make to projects within our area, and we are therefore keen to encourage organisations to think about how a loan from the Growing Places Fund could help them to achieve their ambitions.”
The Growing Places Fund offers loan finance, with a minimum bid value of £100,000. It is targeted primarily at projects which can payback in less than three years, although longer payback periods may be considered. The LEP will consider a wide range of projects, including:
- Facilitating drivers of growth e.g. through loans for SMEs to start up and grow
- Construction of new office, training and general employment space
- Access works to unlock commercial or mixed-used developments
- Site servicing to support the creation of new employment space
The official call for projects launched today (24th January 2014) with a deadline for project proposals to be submitted to the LEP by 7th March 2014.
Projects supported by the first round of funding included Haverhill Research Park, The Future Business Centre in Cambridge, Delamore Fenland Horticulture Academy near Wisbech, Oakham Enterprise Park and improvements to Fletton Parkway in Peterborough.
Nic Rumsey, Director of Carisbrooke Developments whose Haverhill Research Park scheme benefited from the first round of funding, said: “Growing Places Funding allowed us to complete a key element of infrastructure – the main entrance road – earlier than would have otherwise been possible. We couldn’t have got this far without the foresight and willingness of St Edmundsbury Borough Council, the Greater Cambridge Greater Peterborough LEP and NewAnglia LEP to back us and we will now be moving ahead with the marketing of the park as a whole.”
Wayne Eady, Delamore’s Managing Director, explains: “We are extremely happy with the process that we undertook and are very grateful to the LEP for their help and professional approach to the project. We would certainly be encouraged to engage further with the LEP and our other partners in the future and we look forward to the continued success of the project. For anyone sat on the fence about training and how they fund it, I would actively encourage an urgent and pro-active approach to getting something underway.”
Dr Martin Clark, Deputy Chief Executive of Future Business, another recipient of Round One Growing Places Funding, said: “To turn our vision for the Future Business Centre into reality we worked with a range of partners to get the funding we need in place. Growing Places Funding was an important part of this equation, helping us to lever in additional funds and make this vision become a reality. We already have over 60% of the space let, have a steady stream of enquiries for the remaining space and meeting rooms, and are excited about the future.”
You can find out more about the scheme, including how to apply, here.
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