£20m fund launched to drive industrial and commercial schemes across Lancashire

A new fund worth £20m has been set up to help urban development schemes, including industrial and commercial workspace, across Lancashire.

The Lancashire Urban Development Fund has been launched through Lancashire County Council and the European Regional Development Fund (ERDF).

The aim is to support new industrial development and refurbishment projects, as well as unlock stalled projects.

Small-to-medium sized enterprises in key sectors such as aerospace, engineering, automotive, creative and environmental are expected to benefit.

The fund launches on Thursday, March 24, but developers with eligible schemes are advised to apply now.

The Lancashire Urban Development Fund is managed by igloo Investment Management, which is part of igloo Regeneration.

Robert Wood, investment director at igloo Investment Management, said: “This cash injection of £20m will be a real boost to the Lancashire economy.

“It’s a fantastic opportunity for developers to breathe new life into existing projects or to bring forward new projects that have been in the pipeline but stalled without the required funding.”

County Cllr Aidy Riggott, cabinet member for economic development and growth, said: “Small and medium sized businesses are the lifeblood of our economy, and we know that many have had to postpone plans for growth due to the uncertainties presented by the COVID-19 pandemic.

“We’re now focused on helping to unlock that potential and are very keen to hear from companies who would like to find out more about the fund and how we may be able to help them finance the next stage of their development.”