Member Article

£6 million up for grabs as Leeds LEP launches next round of Growing Places Fund

The Leeds City Region Enterprise Partnership has launched the Growing Places Fund Round 3 with up to £6 million available for businesses to access loan funding.

The LEP’s Growing Places Fund provides loans for projects that will create economic growth and employment opportunities and is open to businesses of all sizes based or looking to invest in the City Region.

The Fund can provide loans to businesses that can demonstrate growth opportunities but need a cash injection to realise their ambitions. Funding will be allocated to business that may need to purchase or upgrade property and equipment or infrastructure projects that can demonstrate they will accelerate economic growth, create jobs and be more resource efficient.

Roger Marsh, Chair of the LEP said: “Enabling business growth is a key priority for the LEP and alongside the funding secured in the Local Growth Deal last week, I am delighted we have been able to launch a further round of loan funding to ensure this priority becomes a reality.

“The Growing Places Fund has already proved a great success with businesses in the region, kick- starting the transformation of derelict sites and creating thousands of employment opportunities.

“Businesses have turned a corner and are looking to deliver their ambitious growth plans and the LEP is poised to accelerate this growth.”

Councillor Keith Wakefield, Leader of Leeds City Council and Chair of the LEP’s Investment Panel commented: “The successful applicants of previous rounds of Growing Places Funding demonstrate that there is a need for this type of finance offer to deliver good growth.

“Many of the projects that have been accelerated as a result of this funding have created fantastic jobs and provided apprenticeship opportunities for our young people.”

The Growing Places Fund launched in 2012 when loans worth £35 million were committed to business projects. The prompt repayment of some of these loans has enabled Round 3 of this programme to launch.

One such business that took advantage of the LEP support was Yorkshire Design Services (YDS) who were the first organisation to receive an allocation from the Fund and have been the first to fully repay it entirely.

Paul Ellison, Operations Director at YDS said: “We put the GPF funding to use as finance for the remediation of our 7.5 acre site close to the city centre.

“This process allowed us to secure over £40 million of development investment for educational uses on the site and thoroughly establish the regeneration of the South Bank area of Leeds.

“YDS are grateful that the Leeds City Region Enterprise Partnership shared our vision for regeneration and recognised the potential for changing the fortunes of this neglected part of the city.

“Our experience of dealing with the GPF team was at all times positive, and we greatly appreciated the no-nonsense approach of the straightforward application process.”

This was posted in Bdaily's Members' News section by Clare Burnett .