£7.5 million cashpot to kickstart Shropshire projects
A new £7.5 million loan fund aimed at getting housing and employment projects in Shropshire off the ground has been launched.
The Marches Investment Fund will allow a multi-million pound portion of a central government pot to be used to develop projects in Shropshire, Telford & Wrekin and Herefordshire.
Administered by the Marches Local Enterprise Partnership (LEP), which covers the three areas, it will provide loan funding for stalled projects which are able to be restarted quickly.
It is aimed at kick-starting projects which will bring about economic growth for the Marches region.
Fund manager Caroline Cattle said: "This fund will provide an exciting opportunity to help quickly commence projects that have perhaps previously stalled, in order that economic growth can be achieved and much-needed homes and jobs created.
"We believe that the fund will present very competitive market rates and I'd welcome the opportunity to discuss potential applications from any party unsure of whether it is suitable for them."
The Growing Places Fund, from which the local pot has been drawn, has already been used to support the creation of a new £2.9 million Agricultural Engineering Innovation Centre at Harper Adams University.
This allows academic and industry collaboration, and has led to the creation of new jobs as well as measures to improve the skills of the workforce in the manufacturing and engineering sectors.
Now the Local Enterprise Partnership hopes to replicate that project's benefits elsewhere in the Marches.
LEP chairman Graham Wynn said: "The contribution that was made to the specialist centre at Harper Adams has ensured that the facility is having a positive effect on economic development throughout the wider geographical area.
"This is a facility of world class significance and an important strategic project for us so the results already being achieved are of great value.
"It is vital that this latest release of funds similarly identifies strategic schemes that can clearly demonstrate the contribution that they make to the vision set out in our Strategic Economic Plan, whether that be in terms of the creation of new jobs in key sectors, or the development of further quality housing."
A minimum of £250,000 will be loaned for each project, and will be worth no more than 60 per cent of the value of the completed project.
Smaller loans of £20,000 to £100,000 are being offered for feasibility studies into future growth projects.
The deadline for applicants to express an interest in securing money from the seven-figure pot is September 1.
