Funding news - 27/03/2012
Launch of Coventry and Warwickshire Growing Places Fund
The Coventry and Warwickshire Growing Places Fund has now launched. The aim of the Fund is to help kick-start and accelerate economic growth and job creation in the local economy.
It is expected that investments made by the CWLEP will be on a repayable basis, to enable a revolving fund to be established and to provide significant on-going and long-term benefits to the Coventry and Warwickshire economy.
The Fund is worth £12.8 million on total. Projects should be looking for a minimum of £1 million capital from the Growing Places Fund, and have total minimum spend in excess of £5 million.
Four types of funding are available. The CWLEP has a preference for loans and forward funding followed by equity. Gap (non-repayable grants) will only be considered in exceptional circumstances.
Projects must be capital schemes. All types of land and property projects will be supported including infrastructure (highway improvements, site access, utilities, flood defence, etc), commercial/ industrial space, and new homes as part of mixed use developments.
Assistance is available to developers and other applicants located in, or significantly contributing to the economy of Coventry and Warwickshire.
The CWLEP is seeking applications from stalled projects that will, following the injection of capital funding, be able to start or re-start quickly and unlock economic growth.
The deadline for receipt of applications is 30 April 2012.
Denys Shortt, chair of the Coventry and Warwickshire LEP, said the scheme had been designed to bring growth and jobs to the region.
"This is very much a kick-start programme to allow projects which could be stuck for a variety of reasons, to really move ahead with the aim of delivering a boost to jobs and economic growth as quickly as possible. There will be a variety of reasons why some infrastructure and development schemes are not progressing as quickly as they might in easier economic times, and that is how the Growing Places Fund can help. We have been able to offer funding on very attractive terms and I hope developers and other applicants come forward. The LEP was designed with the sole aim of growing the economy of Coventry and Warwickshire - and this fund fits entirely with that ambition."
For further information click here (link opens in new window).