Growth funding worth up to £2million could be loaned to ambitious businesses looking to expand and create more jobs, as part of a D2N2 Local Enterprise Partnership (LEP) opportunity launched this week aimed at boosting the economy.
D2N2 is inviting applications to its Growing Places Fund (GPF) which enables businesses and public sector organisations (for example, local authorities) to apply for loans to kick-start stalled capital developments or expansion plans, which will directly grow the economy and create jobs.
D2N2 has previously run three GPF funding rounds, approving 13 loans worth a total of £16.6m. Major capital projects which have benefited include Derby City’s Castleward housing and commercial development (built by Bondholder Compendium Living), and the MediCity Enterprise Zone site in Nottingham.
Now further opportunities to apply for a Growing Places Fund loan, to support additional capital projects, are being made available by the D2N2 LEP.
Individual loans to companies or organisations will be between £250,000 and a maximum of £2million, and must be to finance capital (building and infrastructure) to help further businesses’ development
Funded projects must be located within the D2N2 LEP’s area; covered by the administrative boundaries of Derby City, Derbyshire County, Nottingham City and Nottinghamshire County local authorities.
Funding is limited and preference will be given to projects which deliver on D2N2’s strategic priorities and key areas of economic focus. More information on these is available on the D2N2 LEP website at www.d2n2lep.org and in its Strategic Economic Plan (a copy of which can be viewed online at web link www.d2n2lep.org/write/Documents/D2N2_SEP_March_31st.pdf ).
More information on the Growing Places Fund and guidance on how to apply for this funding can be found on the D2N2 Local Enterprise Partnership website now at www.d2n2lep.org/GPF
GPF applicants will need to return their ‘Expression of Interest’ form to Lewis Stringer, Strategic Finance and Accountable Body Manager, Economic Development, Nottingham City Council, at email: firstname.lastname@example.org
David Ralph, Chief Executive of the D2N2 LEP, said: “We have already seen a great deal of success with the Growing Places Fund, providing more than £16m to help small and larger businesses access the missing finance they need, to grow and create additional jobs.
“Factors we will be looking at when making a decision on the GPF applications we receive will be the economic impact of the project and how quickly investments can be repaid, so we can support other projects.”
Further information on the Growing Places Fund can be found on the D2N2 website at www.d2n2lep.org/GPF.