Supporting a prosperous and vibrant economy
Growing Places Fund
£6m of investment funding to unlock commercial or mixed use development and create jobs has now been fully committed.
Growing Places Fund - Fully committed
Cornwall & Isles of Scilly Local Enterprise Partnership (LEP) and Cornwall Council have co-commissioned CDC to manage this fund. The Growing Places Fund is revolving investment for businesses and public sector organisations in Cornwall and the Isles of Scilly.
It will help fund infrastructure that unlocks stalled commercial or mixed use development.
It is called a revolving fund because the money, once repaid from an investment, is put back into another scheme, helping to generate further growth.
What kind of funding support is available?
Investments can be in the form of loans. Loan finance is available at interest rates broadly in line with market levels.
All investments will require an appropriate level of security, pass due diligence, and be paid back within an agreed timeframe.
What size of investment is available?
GPF is fully committeed so no funding is currently available.
What can the Growing Places Fund cover?
Investments need to show that they will directly contribute to improving the local economy. This could be through generating or safeguarding jobs or by unlocking commercial or mixed use developments.
The three overriding objectives are:
- To generate economic activity in the short term by addressing immediate infrastructure and site constraints and promote the delivery of jobs through commercial or mixed used development.
- To allow Local Enterprise Partnerships to prioritise the infrastructure they need, empowering them to deliver their economic strategies.
- To establish sustainable revolving funds so that fund can be reinvested to unlock further develop, and leverage private sector investment.
Is my business or organisation eligible?
These investments are open to public sector organisations and to businesses of any size wishing to invest in Cornwall and the Isles of Scilly, irrespective of their current geographical base. Each application will be judged on its own merits.
What does the application process involve?
The Growing Places Fund is currently fully committed.
For assitance please contact:
call: 01872 327821