New fund for capital infrastructure projects
The North East Investment Fund is a loan fund supporting capital projects that encourage local economic growth and create jobs in our area. They have launched a new fund aimed at capital infrastructure projects.
Who is eligible?
They are inviting new capital infrastructure projects seeking loan finance to come forward who are a strong fit with the guidelines set out in the information pack.
Projects that are in the advanced stages of planning are particularly encouraged to come forward at this time. It is unlikely that projects requiring less than £500,000 and a total project cost of under £2.5m will be supported.
What are they looking for?
The North East Investment Fund is specifically, but not exclusively, looking for applications that will bring forward:
Grade A Industrial space – for companies of all sizes, from ‘Move On’ to Foreign Direct Investment. Availability of Grade A Industrial space is severely constrained. Developments that can bring forward units in excess of 10,000 sq ft are of particular interest.
Grade A Office space – the supply of Grade A office space of 10,000 sq ft and above in the North East is at a critical level. There is less than one year of Grade A city centre office supply available, based on long term annual average take up.
Projects that are well developed and where pre-lets have not been identified would be of particular interest. In addition, investments that focus on North East Strategic Plan growth opportunity areas will be welcomed. These are:
Tech North East – Driving a Digital Surge
Making the North East’s Future – Automotive, Medicines and Advanced Manufacturing capacity
Health Quest North East – Innovation in Health and Life Sciences
Energy North East – Excellence in sub-sea, offshore and energy technologies
If you would like to learn more, please contact Steve Plaskitt on 0191 285 0321.