The LLEP manages this investment fund to provide large scale loans for development projects.
The Growing Places Fund (GPF) is a revolving loan scheme for projects which are currently stalled, or for development proposals which can be accelerated with an injection of GPF loan capital for infrastructure.
The LLEP offers GPF on a revolving basis, subject to the value of previous loan repayments being available, Applications are invited from developers, local authorities and other applicants in Leicester and Leicestershire.
To submit an Expression of Interest for the GPF loan, please submit your project through the Open Call.
For further information, please contact Andy Rose, LLEP Economic Strategy Manager on 0116 454 2917
Growing Places Fund:
The Government’s £730 million Growing Places Fund loan scheme supports key infrastructure projects designed to unlock wider economic growth, create jobs and build houses.
Across England a large number of regeneration schemes have been stalled or delayed due to instances of prior lack of investment in infrastructure, or land assembly through market or the planning process.
GPF loans are allocated through LEPs to schemes that will accelerate the building of homes, office and commercial development space such as site access/site clearance, broadband and transport infrastructure, utilities, refurbishment of buildings and flood defence barriers.
For more information on GPF, visit the Government’s website.
Information about our scheme’s achievements so far can be viewed in Our Performance.
GPF eligibility criteria
GPF operates under the following Core Eligibility Criteria:
- Investment is capital, not revenue. It can be defined as money spent on constructing, acquiring or maintaining fixed assets, such as land, buildings and equipment.
- The minimum loan amount is £500,000. The minimum can be varied in exceptional circumstances in agreement with the Accountable Body, however loan repayments will be expected to be rapid over a shorter time period. There is no maximum, but individual loans of £4m or above will need to demonstrate exceptional economic impacts.
- The entire loan (plus interest) will be repaid within a maximum of 5 years from award date, although loans that can be repaid quicker will be at an advantage in the selection process.
- The loan will be State Aid compliant with interest rates calculated utilising EU market and reference rates. This will provide a minimum rate, however in discussion with the Accountable Body and views from the Board, an increase may be added to interest rates where loans are not offering wider economic benefits. E.g. benefiting more than just the company receiving the loan.
- Loans must demonstrate contribution towards the priorities and objectives of the LLEP’s economic strategy.