Shropshire developers urged to apply for funds to kick start stalled projects

DEVELOPERS in Shropshire and Herefordshire have been encouraged to bid for a share of multi-million-pound fund aimed at creating much-needed homes and jobs across the two counties.
 
The Marches Local Enterprise Partnership (MLEP) which manages The Marches Investment Fund announced in November that £4m was being made available to private developers, housing companies and companies with expansion plans, so that stalled development projects could be brought forward and create new jobs.
 
Originally launched in July 2015, the Marches Investment Fund will close for its latest round of applications on February 19.

The scheme was set up with funding supplied by the Government’s Growing Places Fund. It provides capital loan funding for stalled projects, as well as loan assistance to projects needing to complete their final stage feasibility studies.
 
Encouraging developers to come forward and apply for the funds, Marches Investment Fund Manager, Caroline Cattle, said: “In our first round of funding, which was worth £3.5m, we received some really interesting applications which are currently going through due diligence.  Our second round of applications have been similarly well received but we wanted to remind developers that they still have time to apply.
 
“This is a very attractive funding option and I’d welcome the opportunity to discuss suitability with any potentially interested applicants.”
 
Graham Wynn, chairman of the Marches LEP, said the fund was an important opportunity for housebuilders and other developers to bring to fruition projects that could make a significant contribution towards the Marches’ Strategic Economic Plan.

Funding is available for capital loans (the minimum value of which is set at £250,000) and feasibility projects (for which the minimum loan is £20,000), both of which are subject to standard terms and conditions.

Further details on the scheme are available by visiting www.marcheslep.org.uk

Any Expressions of Interest must be submitted to the LEP by February 19.