SEPTEMBER is shaping up to be a big month for the Marches Local Enterprise Partnership (LEP).

By then, bids will be in for shares in a £7.5 million fund that’s a kick-start to stalled development projects and a new “growth hub” offering business advice is launched.

The Marches Investment Fund, which has been made possible via an award from the Government’s Growing Places Fund, will provide capital loan funding for stalled projects that will then be able to quickly start and create economic growth.  It will also provide loan assistance to projects needing to complete their final stage feasibility studies.  

The Marches Investment Fund Manager, Caroline Cattle, said: “This fund will provide an exciting opportunity to help quickly commence projects that have perhaps previously stalled, in order that economic growth can be achieved and much needed homes and jobs created.  

“Funding will be provided in the form of a loan, equity or joint venture and will be subject to interest charges and an arrangement fee.  We believe that the fund will present very competitive market rates and I’d welcome the opportunity to discuss potential applications from any party unsure of whether it is suitable for them.” 

An earlier tranche of funding from the Growing Places Fund supported the creation of a £2.9m Agricultural Engineering Innovation Centre at Harper Adams University.  This now facilitates academic and industry collaboration and has led to the creation of new jobs and upskilling across the manufacturing and engineering sectors throughout the Marches, and further afield.  

Chairman of the Marches LEP Graham Wynn said: “The contribution that was made to the specialist centre at Harper Adams has ensured that the facility is having a positive effect on economic development throughout the wider geographical area.  This is a facility of world class significance and an important strategic project for us so the results already being achieved are of great value.  

“It is vital that this latest release of funds similarly identifies strategic schemes that can clearly demonstrate the contribution that they make to the vision set out in our Strategic Economic Plan, whether that be in terms of the creation of new jobs in key sectors, or the development of further quality housing.” 

The minimum capital loan request will be set at £250,000 and should not exceed 60% of the value of the completed project, while applications to support final stage feasibility projects will need to be completed within eight months and should not exceed 50% of the cost of the study. 

For feasibility applications, the minimum loan is set at £20,000 and the upper limit is capped at £100,000. 

Funds agreed for final stage feasibility studies will not guarantee future loan funding for subsequent capital projects although the developers are welcome to apply.

September also sees the launch of the Marches Growth Hub, a single point for business support available in the LEP area.

The hub will be based around a comprehensive business support website and dedicated enquiry phone line for firms to access funding, support and advice.

It is being developed by the LEP working closely with Herefordshire Council, Shropshire Council and Telford & Wrekin Council on the project, as well as the chairs of the three area Business Boards.

In addition to the 'virtual' support centre, three hub offices are planned for Hereford, Shrewsbury and Telford, where business support specialists will be on hand to provide bespoke advice to anyone from sole traders to start ups and SMEs.

Mr Wynn said: “Research has shown businesses are frustrated with, and confused by, the wide range of support services and products that are currently on offer.

“The Marches Growth Hub will offer a single reference point where they can access relevant information and support rather than having to navigate their way through the different levels of support available locally and nationally that are available through local partners and advisors,” he said.

Fully aligned with the national ‘Business is GREAT’ campaign, the hub will have a single contact telephone number and email which will be operated and managed by the Marches LEP team.

* The deadline for Expressions of Interest forms to be submitted is Friday, September 11 2015.

More information on the eligibility criteria for the Marches Investment Fund can be found by visiting www.marcheslep.org.uk. 

Expression of Interest forms can be requested via the Fund Manager Caroline Cattle on 01743 462 026.