Are you an SME looking to grow and need access to finance ?
The SWLEP ’ s Growing Places Infrastructure Fund ( GPIF ) is a capital only fund of circa £ 8m used to invest in projects that create jobs and deliver economic growth to the area .
It is a repayable loan scheme , 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 SWLEP .
There is an open call for applications . These are assessed by a Working Group that will make a recommendation to the SWLEP Board , which meets every two months .
The minimum loan is £ 150,000 to around £ 1.25m , with the term usually around four years . The interest rate reflects the nature of the project and can be loaned on an unsecured basis and to pre-revenue firms .
Projects supported to date include the expansion of manufacturing lines ( with funds to expand or alter buildings and purchase new plant and machinery ), investment in research and development capability and the creation of coworking space . SWLEP has so far loaned £ 6.93m across ten projects , and all the loan beneficiaries have been SMEs , with the majority employing less than 25 staff .
The loans have supported companies that wouldn ’ t have been able to raise the funds through traditional High Street lending , for example because of a lack of collateral or a short trading history .
To date , the loan programme has led to the creation of circa 160,000 sq . ft of new productive floorspace and approximately 100 new jobs . The job numbers will rise further as companies complete their projects , with a forecast of an additional 565 new jobs in the next three years .