LLEP Provides £10 Million in Loans to Help Accelerate Major Infrastructure Projects
Jobs, houses, and commercial space will be created as £10 million is made available for loans to speed up the development of new infrastructure in Leicester and Leicestershire.
The Leicester and Leicestershire Enterprise Partnership (LLEP) is seeking expressions of interest in a swathe of new money made available through the Growing Places Fund (GPF).
Previous loans have been used to fund projects such as The Gresham in Leicester's city centre and the £20 million Leicester Waterside regeneration project.
GPF is a credit arrangement available throughout the United Kingdom that provides capital for large infrastructure projects.
Loans are made through a £730 million government-backed national investment fund, with developers, local governments, and other applicants asked to show their interest.
Andy Reed OBE, Interim Chair of the LLEP Board, said:
“The Fund will accelerate the delivery of sustainable infrastructure projects that boost our local economy and create jobs.
Our officers are ready to speak with partners who are interested in applying for loans, from £500,000 upwards, which will help to deliver growth in Leicester and Leicestershire.”
Applicants must demonstrate how their loan would contribute towards achieving objectives set out in the LLEP’s Economic Growth Strategy.
The Economic Growth Strategy sets out several objectives, through to 2030, under the four core pillars of innovation, productivity, inclusivity, and sustainability.
Neil McGhee, LLEP Board Member and Low Carbon Champion, said:
“We welcome expressions of interest from partners proposing imaginative responses to the priorities of our four strategic pillars.
Sustainability is fundamental to LLEP strategy through to 2030 and this fund presents another opportunity to support the next wave of Low Carbon infrastructure projects.”
Growing Places financing is used to construct residences, office buildings, and commercial enterprises.
It could help with site access, clearance, broadband and transport infrastructure, utilities, building refurbishment, and other things.
GPF loans totalling £17.5 million have already been made available for projects in Leicester and Leicestershire. It has contributed to the creation of 1,786 jobs, 371 homes, and more than 200,000 square metres of new or renovated floor space.