SELEP 0% Growing Places Fund Loan Funding available
The South East LEP (SELEP) has £20.724 million of capital loan funding available and it’s looking to allocate it to new projects across Essex, Thurrock, Southend, Kent, Medway and East Sussex between 2020/21 and 21/22. The Growing Places Fund aims to help kick start local economies and unlock economic growth and jobs.
If you’re looking to start a new project in the FHDC area, this could be an ideal opportunity to take out an affordable loan to cover set up costs. The loan’s interest rate will be two percent below the Public Works Loan Board maturity rate on the date when the loan agreement is signed or 0%, whichever is higher. If the present market conditions continue and interest rates remain at their current rate, this would mean a 0% interest rate.
(Obviously, there are terms and conditions related to the loan and late payments can lead to a rise in your interest rate)
You can apply for between £250,000 to £3,500,000 of loan funding per project.
The full details, including the eligibility criteria, are explained in the attached guidance note. If you are interested, please complete the attached expression of interest form.
How to apply
Stage Activity and Deadlines for applicants
• Email Sarah Nurden Friday 18th October 2019 to let her know you may be interested in applying.
• Fill in the Expression of Interest form and send it to her by 4 pm on Friday 1st November 2019. The guidance notes for the form are also available here.
• All applicants will be invited to a specially convened KMEP meeting in late November to give a short description of their project. At this point, KMEP will decide which projects proceed to stage 2 based on their strategic fit.
• Applicants will be informed in early December 2019 if they have been selected to proceed to stage 2.
• These applicants will be asked to complete a Strategic Outline Business Case by 24th January 2020.
• The Independent Technical Evaluator will meet all applicants in mid-February (the ITE will evaluate the technical aspects of your bid).
• The SELEP Investment Panel will meet in April 2020 to determine which projects should be prioritised to receive funding.
• The successful applicants will be advised of the Accountability Board dates in mid-2020. Once the Accountability Board has considered the business case, the loan agreement can be signed, and money transferred.
For more information about SELEP and their Growing Places Fund, take a look at their website: https://www.southeastlep.com/opportunities/growing-places-fund-open-call-for-projects/