Another round of the Growing Places Fund announced
Posted on 18/09/2019
The South East Local Enterprise Partnership (SELEP) is opening another round of the Growing Places Fund (GPF) recyclable loan scheme.
The open call for projects will be launched in early October 2019, inviting project promoters to submit an Expression of Interest.
More information, including the EOI template, will be published here as it becomes available. Please check back here in the coming weeks, and if you’re aware of any other projects that might benefit from this funding then please share this link with them.
To discuss your project or for more information please contact Marwa.Al-Qadi@eastsussex.gov.uk
Project eligibility and criteria
When the open call is launched, projects will be invited to bid for between £250,000 and £3.5m of loan funding, capital only, repayable by March 2022 (with penalties for late repayment). The interest rate on the loan will be set at 2% below PWLB.
Up to £20m of loan funding is expected to become available for investment through this latest call for projects.
Project applications must meet the overall objectives of the GPF scheme, which are to support development at stalled investment sites, improve skills and learner numbers, accelerate the delivery of new houses and support the creation of new jobs.
GPF projects must also be aligned with SELEP’s strategic objectives as set out in the SELEP Economic Strategy Statement.
The full set of project criteria will be listed on this page when published.
How to apply
An Expression of Interest template will be published here for project promoters to download.
Completed EOIs will need to be returned to Marwa.Al-Qadi@eastsussex.gov.uk by a stated deadline (TBC).
Additional background to GPF
Growing Places Fund (GPF) was established by the Ministry for Housing, Communities and Local Government (MHCLG, formerly the Department for Communities and Local Government) and the Department for Transport (DfT) in 2011 to unlock economic growth, create jobs and build houses by helping to ‘kick start’ development at stalled sites.
The fund works as a revolving capital loan scheme, recycling the funds according to the repayment schedules of those projects already financed. Based on the repayment schedule for existing GPF projects across the whole SELEP region, a total of £20m is expected to become available for investment through this latest call for projects.
To date East Sussex has benefited from over £20m of GPF investment.
To discuss your project idea or for more information on GPF please contact Marwa.Al-Qadi@eastsussex.gov.uk