The Growing Places Infrastructure Fund (GPIF) is a capital only fund of circa £8m used to invest in projects that create new jobs and deliver economic growth to the Swindon and Wiltshire area.
It is a repayable loan, with negotiable repayment terms, that helps accelerate the delivery of projects that stimulate innovation, enterprise, growth or productivity gains.
Loan payments are made in line with the development schedule drawn up in consultation with the Local Enterprise Partnership.
A funding round in 2018 led to loan offers of between £800,000 and £2m being made, with projects due for completion and final repayments made by at least the end of 2021.
In February 2018 a GPIF loan agreement was signed between Concertare Lansdowne Court, the Woods Group and Wiltshire Council (on behalf of the Local Enterprise Partnership) for £1,279,235 towards the construction of a new HQ and warehouse facility in Chippenham.
Loans currently being processed include:
- contributions towards the building of an Innovation Centre
- the fitting out of a new production and r&d facility for a manufacturing plant dealing with recycled material
- the development of start-up and grow-on units for local companies.
Formal funding rounds for 2019 are being drawn up and the Local Enterprise Partnership is interested to hear from companies with funding requirements that will result in the delivery of projects throughout 2019, 2020 and 2021.
Loans under £100,000 will also be considered.
Stage One comprises an online application. A ‘word’ version in the tab on the right illustrates the details required. This is assessed within four weeks of the closing date for applications.
Stage Two requires a more detailed business plan and an assessment of the financial status of the business, the security on offer against the loan and the level of risk involved. Companies have to be compliant with EU ‘State Aid’ regulations.For further details about the GPIF Programme, please email Phil Clement, Head of Investment & Export at the Swindon & Wiltshire Local Enterprise Partnership Phil.Clement@swlep.co.uk.
Video courtesy of Concertare