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£3m Greater Birmingham development fund to unlock stalled regen sites

£3m Greater Birmingham development fund to unlock stalled regen sites

🕔02.Sep 2014

Firms who have been denied bank loans to unlock stalled development schemes have a second chance to get projects off the ground through a £3 million Growing Places Fund administered by the Greater Birmingham and Solihull LEP. 

Growing Places is designed to generate investment in infrastructure projects within the GBSLEP area to boost economic growth and in turn enable new job creation, build new homes and commercial premises.

In particular, the fund is intended to provide support to those who have previously been refused financial assistance from banks for the purpose of ‘unlocking’ stalled development schemes.

Support is being offered in the form of secured business loans as opposed to the matched funding requirements previously provided under the scheme.

Some of the projects currently underway are forecast to create almost 10,000 jobs, more than 1,000 homes and 28,000 sq metres of commercial space in the next 10 years.

Rounds one and two have so far delivered £14.075m to a range of successful projects including the Advanced Manufacturing Hub Aston, Birmingham, the Red Carpet Cinema in East Staffordshire, the Newman Brothers Coffin works in Birmingham city centre, Dove Way in Uttoxeter, Hoobrook Park Estate in Kidderminster and Smith’s Wood Centre in Solihull.

Paul Heaven, Chair of the GBSLEP Growing Places Fund Committee said: “Since its initial launch in 2012, the Growing Places Fund has kick started a number of projects around the GBSLEP region.

“As we continue to recover from the recession, this additional funding being made available will inevitably go a long way to helping projects that have stalled to get underway and be brought to a successful conclusion, thereby stimulating further growth.

“This clearly demonstrates how the GBSLEP operates by effectively working in partnership with local authorities and business and I’d encourage those looking to get stalled projects moving to find out more about Growing Places and ensure they get their applications in within the timeframe.”

Those interested in applying for finance via the Growing Places Fund should contact Lesley Edwards, Funding Manager at Birmingham City Council at Lesley.Edwards@birmingham.gov.uk or centreforenterprise.com.

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