Growth funding worth up to £2million could be loaned to ambitious businesses looking to expand and create more jobs as part of a D2N2 Local Enterprise Partnership (LEP) opportunity launched yesterday.
D2N2 – a private sector-led partnership of business, local authorities, skills and training providers, community and social enterprises, and other organisations which promote economic growth across Derby, Derbyshire, Nottingham and Nottinghamshire – is inviting applications to its Growing Places Fund (GPF).
GPF enables businesses and public sector organisations (for example, local authorities) to apply for loans to kick-start stalled capital developments or expansion plans.
D2N2 has previously run three GPF funding rounds, approving 13 loans worth a total of £16.6m. Major capital projects which have benefited include Derby City’s Castleward housing and commercial development and the MediCity Enterprise Zone site in Nottingham.
Now further opportunities to apply for a Growing Places Fund loan, to support additional capital projects, are being made available by the D2N2 LEP.
Individual loans to companies or organisations will be between £250,000 and a maximum of £2m, and must be to finance capital (building and infrastructure) to help further businesses’ development.
Funding is limited and preference will be given to projects which deliver on D2N2’s strategic priorities and key areas of economic focus.
David Ralph, chief executive of the D2N2 LEP, said: “We have already seen a great deal of success with the Growing Places Fund, providing more than £16m to help small and larger businesses access the missing finance they need, to grow and create additional jobs.
“Factors we will be looking at when making a decision on the GPF applications we receive will be the economic impact of the project and how quickly investments can be repaid, so we can support other projects”.