Heart of the South West (HotSW), the Local Enterprise Partnership for Devon, Somerset, Plymouth and Torbay has announced it is ready to receive applications to the Growing Places Fund.
HotSW was awarded £ 14.5 million last month by the Government from a £500 million fund aimed at helping communities build infrastructure to support economic growth.
The initiative is designed to restart stalled capital projects that are ready to commence, but have been postponed for financial reasons.
The fund aims to boost economic growth by getting these projects moving again, building infrastructure that will enable the creation of new homes and jobs.
Tim Jones, Chairman of HotSW said: “We have been awarded the largest share of the fund in the South West and we are determined to put the money to the most effective use.
“We welcome applications from projects which just require a final injection to be ready to go – this fund is designed to help unlock developments that would otherwise not be financially able to proceed.”
Applications will be assessed and funds awarded according to various criteria which will be specified in full on the partnership’s website. To be considered, projects must be ready to commence quickly and, where appropriate, must have planning permissions and other consent already in place. Levering in private sector funding is also a condition.
In addition, applicants must show how their project will create jobs and assist in economic growth.
To bid for funding, applicants must complete a formal application which is now available from the HotSW website www.hotswlep.oxygendesign.co.uk
Applicants will be required to repay the fund, so the funds can be revolved and invested into different future projects.
As the programme progresses, a full list of successful projects will be published on the website.