Using funding from Government, the D2N2 LEP's Growing Places Fund (GPF) aims to kick-start ‘stalled’ developments, which bring business growth and create jobs.
GPF loan funding helps businesses by providing rapid capital investment in local infrastructure and tackling site constraints.
GPF is a sustainable fund. Over time the cash is paid back so that it can help further companies invest in economic growth.
D2N2 LEP has previously run three GPF funding rounds (in 2012, 2013 and early 2016), which have led to the approval of 13 loans worth a total of £16.6m.
Major capital projects which benefited included the MediCity site in Nottingham (below left) and Derby’s Castleward housing and commercial development (below right).
Growing Places Fund Round 4 - Summer 2016 launch
Loans to individual companies or organisations are now being offered of between £250,000 and £2million to finance capital (building and infrastructure) investment, resulting in business growth and job creation.
Funded projects must be located within D2N2 LEP’s area, covered by the administrative boundaries of Derby City, Derbyshire County, Nottingham City and Nottinghamshire County local authorities.
Funding is limited and preference will be given to projects which deliver on the LEP’s strategic priorities and key areas of economic focus. More information on these is available on the D2N2 LEP website at www.d2n2lep.org and in its Strategic Economic Plan.
GPF applicants will need to return their Expression of Interest form (copy below) to Kamala Atwal at email: firstname.lastname@example.org.
There is no cut off date by which applications must be received, at this time, though applicants are encouraged to submit applications as soon as possible.
Background to previous Growing Places Fund rounds
The 'first round' of the D2N2 Growing Places (Capital Loan) Fund was held in March 2012. D2N2 invited applications for schemes that needed between £500,000 and £2.5million to kick-start development . Applications were also considered if they were outside this range but delivered exceptional outputs or exceptional value for money. Only projects located in the Derby City Council, Derbyshire County Council, Nottingham City Council and Nottinghamshire County Council areas were eligible to apply.
This was followed by calls for expressions of interest in a second round of GPF loans, which closed in October 2013, and a third round in early 2016.
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