Fund deadline warning

August 17, 2015

Developers in The Marches have less than a month to apply for a share of a £7.5 million fund aimed at creating much needed homes and jobs across the region.
The fund, made available by the Marches Local Enterprise Partnership (MLEP), is aimed at bringing forward development projects and applications are due to close on September 11.
The Marches Investment Fund was launched in July thanks to an award from the Government’s Growing Places Fund and provides capital loan funding for stalled projects that are able to quickly start and create economic growth. It can also provide loan assistance to projects needing to complete their final stage feasibility studies.
Speaking during the final month of the application period, Marches Investment Fund Manager, Caroline Cattle, said: “We have already received some interesting applications from developers looking to take advantage of this funding, but want to remind others that there is still time to apply.
“The fund will make it possible to quickly commence projects that have previously stalled and in doing so create economic growth through the creation of much needed homes and jobs. This really is an opportunity not to be missed.”
Funding can be provided in the form of a loan, equity or joint venture and will be subject to interest charges and an arrangement fee, both of which are highly competitive vis-à-vis the open market rate.
The minimum capital loan request will be set at £250,000 and should not exceed 60% of the value of the completed project, whilst applications to support final stage feasibility projects will need to be completed within eight months and should not exceed 50% of the cost of the study. For feasibility applications, the minimum loan is set at £20,000 and the upper limit is capped at £100,000. Funds agreed for final stage feasibility studies will not guarantee future loan funding for subsequent capital projects although the developers are welcome to apply.
Chairman of the Marches LEP, Graham Wynn, concludes: “Our Strategic Economic Plan clearly outlines our vision for the creation of new jobs in key sectors and the development of further quality housing. This fund makes it possible for developers to take a step closer to realising this and I would, therefore, urge anyone who has considered finding out more about the funding on offer to get in touch before it’s too late.”
More information on the eligibility criteria for the Marches Investment Fund can be found here and the  deadline for Expressions of Interest forms to be submitted is Friday September 11 2015.

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