D2N2’s Growing Places Fund today (1 March 2012) opens for applications. Using £17.8m funding from Government, the D2N2 Growing Places Fund aims to kick start ‘stalled’ job creating developments through rapid investments in local infrastructure and tackling site constraints.
Growing Places is a sustainable fund, which allows organisations to apply for funding to invest in physical infrastructure to support developments that create jobs. Over time, the cash is then paid back to D2N2 so it can make further investments to support economic growth.
In December, the D2N2 Board made the Nottinghamshire Enterprise Zone its first priority for investment from the Growing Places Fund, but, using remaining funds, D2N2 is looking to make other significant investments that fit with the LEP’s strategic priorities and unlock economic growth. D2N2 is inviting applications for schemes that need between £500,000 and £2,500,000 from the fund to kick start development but projects outside this range may be considered if they deliver exceptional outputs or exceptional value for money.
An application form and guidance can be downloaded from the D2N2 website at www.d2n2lep.org/d2n2-growing-places-fund.aspx, together with information about the key contacts at Derby City, Derbyshire County, Nottingham City and Nottinghamshire County Councils for discussing and receiving applications.
Applications need to be submitted by 12 noon on 27 April 2012. Any applications that are approved in principle by the D2N2 Board will then undergo a process of due diligence and appraisal.
Colin Walton, D2N2 Chairman said; “I am pleased to announce that D2N2’s Growing Places Fund is open for business and we look forward to receiving applications for schemes that fit our strategic priorities and, with support from the fund, will bring jobs to our area. The fund will support schemes that may have been held back in the current financial climate to get up and running and support our economic recovery.
“We will be looking at a number of factors when making decisions about which schemes to support including their economic impact and how quickly investments can be repaid to support other schemes. Anyone thinking of applying should download the guidance from our web-site and get in touch with the named contact in the City and County Councils.”