BUSINESS LOANS FROM
GREATER CAMBRIDGE GREATER PETERBOROUGH
ENTERPRISE PARTNERSHIP
The Greater Cambridge Greater Peterborough Enterprise Partnership has Loan Funds to unlock stalled projects or new initiatives that support new jobs and accelerate economic growth. Here are some examples of the type of projects we can provide loan funding for:
BUSINESSES
Helping Small and Medium Businesses to grow.
CONSTRUCTION
Construction of new office, training, and general employment space.TOOLS
Infrastructure and access works to unlock commercial or mixed-used developments.SITE SERVICING
Site servicing to support the creation of new employment space.SUPPORT
Support for feasibility testing of new products.Signpost 2 Loans(formerly known as Growing Places Funding) is now available at competitive interest rates to any size or type of organisation. It is expected that the loan will:
• Be for capital funding
• Be over £50,000 and not in excess of £1 million
• Be repaid within three years
• Carry an administration fee applicable to any successful investment award
The funding we provide is public money, and that means there may be State Aid issues that need to be addressed. We will help to review and address State Aid issues during the approval process, and this information will be reviewed when setting the interest rates.
Signpost 2 LoansFund will:
• Unlock constrained developments
• Have a clear delivery timeframe and project plan in place
• Have explored market alternatives to cover gap funding
• Demonstrate how the loan will be paid back – please note, GCGP may require additional securities or bonds to safeguard the loan
• Demonstrate how they could contribute to objectives of the LEP’s Strategic Economic Plan
REGISTER AN INTEREST
To register an expression of interest for Signpost 2 Loans, we ask you to complete a short application form, which is available to download here: www.signpost2loans.co.uk
If your proposal is eligible for potential loan funding we will ask you to submit more detailed information, which will then be independently appraised. Once appraised, the application is considered firstly by the LEP Investment Committee who will then make recommendations to the GCGP Board.
All successful parties will need to enter into a funding agreement. Due to the processes involved, schemes should anticipate that the process may take up to six months to complete. All information is treated in absolute confidence.
FIND OUT MORE
If you would like to discuss how a Business Loan could support your business growth plans, please contact the team by email at [email protected]
GROVEMERE PROPERTY LTD
Grovemere Property Ltd who own Lancaster Way Business Park in Ely, were looking for a way to fund a new development on site. The LEP agreed to provide Grovemere with a loan worth £1 million to get the development underway as soon as possible. The new premises will provide nine new business units for small and start-up businesses in the local area, and is estimated to create between 30 and 50 new jobs.
Harvey Bibby, Marketing and Development Director at Grovemere Property Ltd, said: “We have a proud history of building long-term relationships with companies. From the time of their first occupation at Lancaster Way, often as fledgling businesses, we work closely with them, facilitating their growth and meeting their needs. This has proved a very successful approach – Cambridge Commodities first came here in 2003 to occupy just 6,500 sq. ft., for example and 12 years later they employ 90 staff, occupy 80,000 sq. ft. and have ambitious plans for further growth.”
The Future Business Centre (FBC) is a business incubator that provides flexible workspace to businesses in Cambridge. To get the building work underway, the LEP provided loan funding to progress the work swiftly.
The Future Business Centre is now a thriving incubator space and is now home to a wide range of businesses.
Dr Martin Clark, Deputy Chief Executive of Future Business, said:
“To turn our vision for the Future Business Centre into reality we worked with a range of partners to get the funding we needed in place. Growing Places Funding was an important part of this equation, helping us to lever in additional funds and make this vision become a reality.”
Delamore is a growing horticultural business based in Wisbech St Mary who wanted to support the development of skilled workers for the industry. LEP funding helped them to create the Delamore Fenland Horticulture Academy, an onsite skills academy training horticultural workers of the future.
Wayne Eady, Delamore’s Managing Director, explains:
“We are extremely happy with the process that we undertook and are very grateful to the LEP for their help and professional approach to the project. We would certainly be encouraged to engage further with the LEP and our other partners in the future and we look forward to the continued success of the project. “For anyone sat on the fence about training and how they fund it, I would actively encourage an urgent and pro-active approach to getting something underway. It is at times painful and certainly challenges one’s patience, but assuming the end goal is clear and there is a commercial commitment to the outputs, it is critical to get things underway.”
DELAMORE FENLAND
HORTICULTURE ACADEMY
HAVERHILL RESEARCH PARK
After successfully applying for a joint Growing Places Fund Loan between New Anglia LEP and the Greater Cambridge Greater Peterborough LEP for £2 million, the owners of Haverhill Research Park were able to build the vital access road required for the new Haverhill Research Park development.
Nic Rumsey, Director of Jaynic Developments, said:
“Growing Places Funding allowed us to complete a key element of infrastructure – the main entrance road – earlier than would have otherwise been possible.”
