The Growing Places Infrastructure Fund (GPIF) is an £8.67m loan fund, providing investments to companies in Swindon and Wiltshire to use towards capital elements of projects. As a guide, we usually seek projects requiring loans from £150,000 to circa £1.25m
Investments will focus on projects that:
- Deliver sustainable economic growth within Swindon and Wiltshire
- Meet strategic objectives in our Local Industrial Strategy
- Currently cannot be developed due to infrastructure or commercial constraints
- Can proceed quickly
- Can be repaid in around 3 to 4 years
We can fund pre-revenue companies and those with no security, but this increased level of risk will be reflected in a higher interest rate. The SWLEP will pay regard to the ‘value for money’ the investment represents and take into account the following:
- Level of investment per new job
- Level of private investment leveraged
- Pace of delivery of the ‘outputs’
- Certainty and timing of repayments
The on-line application and supplementary details will initially be assessed by the Loan Fund Working Group. They decide if a project is put forward to the main LEP Board. A pdf version of the form is also available for applicants to review all the questions before completing the form.
In addition to the on-line application form, we require:
- Business Plan
- Cashflow forecast
Also, if available:
- Previous 3 years audited accounts
- Details of security on offer
- Details of other lending arrangements
Companies have to be compliant with EU ‘State Aid’ regulations.
The recommendations of the Loan Working Group will be considered by the SWLEP Board, which meets approximately every two months. Their decision is final.
For further details about the GPIF Programme please email Phil Clement, Head of Investment & Export at the Swindon & Wiltshire Local Enterprise Partnership [email protected]