01603 510070 info@newanglia.co.uk

Growing Places Fund – Application Process and Guidance

The Growing Places Fund offers loan funding from £500,000 upwards to support major capital infrastructure schemes.

 

Eligibility criteria

All potential investments must meet all or some of the following broad criteria:

  • Be able to demonstrate defined economic outputs in growth locations and sectors;
  • Bring benefits through collaborations – between sectors, local authorities, universities and colleges, businesses, supply chains, locational hubs and clusters;
  • Be “shovel ready” with planning permission in place before applying;
  • Must be for capital loans investment only (not revenue);
  • Contribute to the LEP’s strategic objectives, particularly around the creation of direct jobs, wider growth factors and the building of houses;
  • Are located in the New Anglia LEP area (Norfolk and Suffolk);
  • Need to demonstrate that LEP funding addresses a funding shortfall that cannot be met by other means;
  • Can demonstrate that there are no barriers or constraints in relation to land ownership, planning and other approvals;
  • Can demonstrate they are capable of being repaid within a reasonable timescale;
  • Can demonstrate they are State Aid compliant.

Applicants are invited to discuss potential projects with the programme manager ahead of their submission. Once submissions have been made applicants may be requested to respond to queries about their applications from the programme manager as part of the shortlisting process. Applications will be subject to an appraisal by an independent consultant.

 

Fund objectives

Applications to the fund will be considered against both the Government’s and New Anglia LEP’s key objectives for the Growing Places Fund.

The Government’s key objectives for the Growing Places Fund are:

  • Generate economic activity in the short term by addressing immediate infrastructure and site constraints and promote the delivery of jobs and housing.
  • Allow local enterprise partnerships to prioritise the infrastructure they need, empowering them to deliver their economic strategies.
  • Establish sustainable revolving funds so that funding can be reinvested to unlock further development, and leverage private investment.

New Anglia LEP‘s key objective for the Growing Places Fund is:

  • Create a revolving fund that supports economic growth with a prioritised set of schemes that jointly support delivery of growth in the area.

New Anglia LEP’s wider objectives are:

  • Create more private sector jobs and get rid of the barriers that prevent businesses growing.
  • Encourage business start-ups, and allow existing businesses to grow and become more competitive.
  • Clear the way for businesses to develop and innovate, bringing prosperity and global recognition to our key business sectors

To discuss a project, contact iain.dunnett@newanglia.co.uk