LEP launches £2m growth fund

Funding worth up to £2m could be loaned to businesses looking to expand and create more jobs, as part of a new D2N2 Local Enterprise Partnership (LEP) scheme.

D2N2 is inviting applications to its Growing Places Fund (GPF).

GPF enables businesses and public sector organisations (for example, local authorities) to apply for loans to kick-start stalled capital developments or expansion plans, which will directly grow the economy and create jobs.

D2N2 has previously run three GPF funding rounds, approving 13 loans worth a total of £16.6m. Major capital projects which have benefited include Derby City’s Castleward housing and commercial development project and the MediCity Enterprise Zone site in Nottingham.

Now further opportunities to apply for a Growing Places Fund loan, to support additional capital projects, are being made available by the D2N2 LEP.

Individual loans to companies or organisations will be between £250,000 and a maximum of £2million, and must be to finance capital (building and infrastructure) to help further businesses’ development.

Funded projects must be located within the D2N2 LEP’s area; covered by the administrative boundaries of Derby City, Derbyshire County, Nottingham City and Nottinghamshire County local authorities.

David Ralph, chief executive of the D2N2 LEP, said: “We have already seen a great deal of success with the Growing Places Fund, providing more than £16m to help small and larger businesses access the missing finance they need, to grow and create additional jobs.

“Factors we will be looking at when making a decision on the GPF applications we receive will be the economic impact of the project and how quickly investments can be repaid, so we can support other projects.”