Applications open for LEP’s £800k Growing Places Fund

Heart of the South West LEP is seeking applications for up to £800,000 of capital expenditure on a loan basis.

The LEP is especially interested in projects which deliver to the transformational opportunities set out in the Build Back Better plan and which support clean and inclusive growth. Projects should also show how they complement other national and local provision

There is a two-stage application process:

  1. A short Expression of Interest must be submitted by 23:59 on 11th July 2021.
  2. These will then be shortlisted by the end of July and relevant applicants asked to develop a full business case which must be submitted by 23:59 on 5th September 2021.

The Expression of Interest stage is a competitive process and the LEP will not enter into discussions with bidders. Stage 2 is not competitive. Business cases will be appraised through September and a decision on the successful applications will be made in early October.

Applicants are encouraged to maximise impact and deliverability through larger projects and the LEP is expecting to fund one or two projects from this call, with a minimum Growing Places loan size of £250,000.

The term of the loan can be up to 4 years and the rationale must be set out in the business case.

The final interest rate charged will be subject to compliance with Subsidy Control requirements but indicatively will be set at the Bank of England base rate +1.5%.

For further guidance and to download an application from, visit: https://heartofswlep.co.uk/growing-your-business/heart-of-the-sw-lep-growing-places-fund/