The Growing Places Fund (GPF) was established by the Ministry for Housing, Communities and Local Government (formerly the Department for Communities and Local Government) and the Department for Transport (DfT) in 2011. The aim of this funding is to unlock economic growth, create jobs and ‘kick-start’ house building at stalled development sites.
Through the GPF Round 1 awards, a total of £48.705m GPF was awarded to 13 capital infrastructure projects across the LEP area.
GPF works as a recycled loan scheme regenerating funds based on the repayment schedules agreed for projects already financed.
GPF loan repayments have started to be made from these initial Round 1 GPF loan investments which has enabled eight projects to be identified for further loan investment. These projects were identified by SELEP Federated Boards as meeting the GPF eligibility criteria aligning with the following five themes:
In November 2017 the SELEP Strategic Board agreed to prioritise the re-investment of £9.3m GPF until 2019/20 in eight new GPF projects. These eight GPF Round 2 projects will now get underway as the funding becomes available through the repayment of existing GPF loans.
For all GPF Round 2 projects, final approval of the GPF loan award is required by SELEP Accountability Board following the Independent Technical Evaluator review of the Project Business Case.
Further information about the Independent Technical Review process is available here. The Business Case has been published for each GPF Round 2 project which has been considered by the Accountability Board to date.