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Apply for Black Country Investment Fund
It has been identified that some of the issues in the Black Country are the costs and timescales of bringing forward contaminated, or previously used sites, for redevelopment. The establishment of the Black Country Investment Fund seeks to address this issue.
This £20 million fund is available by way of PWLB loan at a flexible rate through the Black Country City Deal for Commercial Schemes, with a further £15 million available for residential schemes.
The key principles behind the Investment Loan Fund are to:
- provide funding for those “up-front” costs associated with remediation
- render sites more attractive to the market
- remove the delays and risks associated with abnormal ground conditions
- Provide infrastructure to facilitate development
The proposed loan arrangements would provide for repayment of loans and associated interest upon site development or disposal with a longstop date of repayment of 10 years. Loan funding may meet 100% of the costs of remediation and servicing works with the loan secured against a legal charge over the site. The Black Country Investment Fund will not provide a designated aid to beneficiaries and accordingly would not impact on the eligibility of parties to seek additional public sector funding to support the delivery of built development.
Applicants are asked to note that the bid will be subjected to legal and financial Due Diligence to be carried out by Sandwell Accountable Body and Black Country LEP partners. A contract for loan funding cannot be awarded until full Due Diligence has been completed.
For further information or advice please contact:
- Andy Croot
- Chris Thomas
To Apply for Black Country Investment Funding download the Initial Proposal form and email to: firstname.lastname@example.org