Leeds City Region partnership launches £10m fund
THE Leeds City Region has opened the doors to a new £10m fund to support major construction projects and bring more jobs and growth to the city region.
The fund will target large scale asset based construction projects including housing, with the minimum investment level set at £1m. It is inviting submissions of interest for commercially viable projects through the provision of short term debt finance.
This is the first tranche of funding offered for commercial projects and aims to address failures in the provision of commercial finance through a City Region wide fund.
Councillor Peter Box, chair of the Leeds City Region leaders board, said: “We are very excited to launch the first £10m of our Revolving Investment Fund.
“What we are looking for through the Fund is to create an avenue for developers and business in the region to work together with the public sector to fill gaps in funding and boost development, jobs and growth.
“This is a call to all investors to come forward with their schemes and see how
we can help take them forward.”
The partnership is looking to develop a long-term revolving and sustainable mechanism that could offer up to £400m in support of growth and development across the wider economy.
Roger Marsh, chair of the Leeds City Region LEP, said: “Following funds made available by the partnership the previous year, through the Growing Places and Regional Growth Funds, we continue to work collaboratively to develop targeted game changing support and help address some major market failures.
“Our ultimate goal is to support our key businesses to create and sustain
jobs in the wider area.”
Funds will be offered to projects that support the partnership’s economic objectives and in particular will create jobs and support the growth of the Leeds City Region economy.
The RIF will work alongside the partnership’s other funding mechanisms as part of a wider framework to support targeted investment across the city region in order to maximise growth and jobs creation.
