Growing Places Fund

Capital Investment Loan Funding for East Sussex – Open Call

The South East Local Enterprise Partnership (SELEP) has launched another round of the Growing Places Fund (GPF) recyclable loan scheme.

Project promoters are invited to bid for between £250,000 and £3.5m of loan funding, capital only, repayable by March 2026 (with penalties for late repayment). The interest rate on the loan will be set at 2% below PWLB. Across the SELEP area a total of £20m loan funding is available for investment through this latest call for projects.

Potential applicants will need to register their initial interest by Friday 18th October 2019; the final deadline for submissions is Friday 1st November 2019.

Project eligibility and criteria

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, plus the local strategic priorities of the East Sussex Growth Strategy.

Full details of the GPF project criteria are given in the following two documents:

How to apply

If you intend applying for his funding please register your initial interest by contacting Marwa.Al-Qadi@eastsussex.gov.uk by 5pm Friday 18th October 2019.

Project promoters will then need to download and complete the following Expression of Interest template:

Completed EOIs must be returned to Marwa.Al-Qadi@eastsussex.gov.uk by the final deadline of 5pm Friday 1st November 2019.

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