Developers and business owners are being invited to access a new fund to kickstart stalled projects in Coventry and Warwickshire.
The Coventry and Warwickshire LEP has been awarded an allocation of £12.8 million from the Government’s Growing Places Fund – designed to kick-start developments and other infrastructure projects allowing them to deliver quicker economic benefits.
The LEP was awarded an allocation of £8.6 million in February which was increased following the Chancellor’s announcement in last week’s Budget of additional funding for Growing Places.
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,” he said.
“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.”
Eligible projects should be as ‘ready-to-go’ as possible, and to have or show a reasonable expectation of gaining planning consent by September this year with work ideally starting on-site by the end of 2012, or as soon as possible after that date. Projects should be predominantly employment focused, and will benefit the local economy.
The fund’s preference is to provide loans at attractive market rates (from 2.34 per cent), although equity finance will also be considered.
Warwickshire County Council is acting as the fund holder for the scheme and handling the application process on behalf of the CW LEP.
Coun Alan Cockburn, Warwickshire County Council’s Portfolio Holder for Sustainable Communities and CW LEP board member, said: “This is recognition by the Government that there are schemes underway that with a reasonable level of additional finance could move forward at a quicker pace and therefore bring earlier benefits.
“But the aim is very much for this to become self perpetuating. The £8.6 million – while very welcome – is just the start. The idea is to
develop a long-term fund by reinvesting returns, so that we can keep schemes moving forward and allowing them to realise their full economic benefits.”
