SWLEP announces new loan fund to boost investment by local business

By Anita Jaynes on 28 June, 2017

The Swindon and Wiltshire Local Enterprise Partnership (SWLEP) has opened its call to the ‘Growing Places Infrastructure Fund (GPIF)’ to support infrastructure investment by local businesses.

Businesses can bid for a loan in the region of £1m for infrastructure projects which will result in the creation of new jobs and/or new homes.  The fund is open to businesses, the third sector, higher education and research institutions and the public sector working in partnership with private investors. The SWLEP is particularly looking for applications requiring capital investment to accelerate their project or re-invigorate stalled schemes.

John Mortimer, Chairman of the SWLEP Board said: “We are pleased to be able to open a call for GPIF loan investment and to provide much needed infrastructure funding to businesses and organisations in Swindon and Wiltshire.  We are keen to hear from projects which will help us deliver our priorities for the area and create new jobs and deliver new homes.”

GPIF is a ‘revolving loan fund’ which offers negotiable terms for repayment and a straightforward 2 stage application process. Stage one comprises an application form which will be independently assessed before consideration by the SWLEP Board; this will take 7 weeks from the closing date of the call.  Successful applicant/s at this stage will be provided a notional allocation of funds.  Stage two focusses on developing more detailed business information on issues such as project costs and procurement.  This will take a further 6 weeks.

The SWLEP is keen for eligible private and public sector organisations to apply for GPIF and utilise the opportunity to progress their projects. Paddy Bradley, Director of the SWLEP said: “The 2017 GPIF open call for applications has the potential to unlock infrastructure investment within our area. I would encourage those with strong business cases to apply and take advantage of this opportunity to deliver on their projects.”

The deadline to submit applications for a GPIF loan is noon on Friday, August 4 2017. Further information on the GPIF scheme and application process can be found via the SWLEP website.

A SWLEP GPIF quick guide and prospectus are available on the SWLEP website to guide those planning to apply.