Development fund nears deadline

January 21, 2016

A multi-million pound fund aimed at creating much needed homes and jobs across the Marches will close its latest round of applications on February 19 with developers in Shropshire being encouraged to apply now in order to benefit.
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 was made possible due to an award from 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.”
Chairman of the Marches LEP, Graham Wynn, added: “The Marches Investment Fund is a not-to-be-missed opportunity for housebuilders and other developers to bring to fruition projects that can make a significant contribution to the realisation of the aims of our Strategic Economic Plan, not least of all the creation of new jobs.
“Anyone who thinks that they may have an eligible project shouldn’t delay in finding out more about this fabulous funding opportunity.”
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.
To find out more about the funding, interested potential applicants should  request an Expression of Interest form from the Fund Manager Caroline Cattle on 01743 462 026. These will need to be returned by the closing date of February 19 2016.

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