Interest-free loans on offer to Staffordshire firms aiming to grow

Staffordshire and Stoke-on-Trent businesses looking to expand and create new jobs could be eligible for interest-free loans to support their plans.

Firms considering a range of expansion plans such as buying or constructing new buildings, refurbishing existing premises, improving access or introducing environmental improvements are being invited to apply for help from the Stoke-on-Trent and Staffordshire Local Enterprise Partnership’s Growing Places Fund.

The £11million fund is designed to boost economic activity in Stoke-on-Trent and Staffordshire by promoting the delivery of jobs and housing and addressing infrastructure and site constraints.

Firms are eligible for loans if they are planning a scheme worth £200,000 or more and can repay the money within four years of their project being completed. They will not be charged any interest on the loan as long as the scheme complies with state aid rules. In other cases interest will be charged at the lowest commercially appropriate level.

Successful projects will need to demonstrate that they will generate economic growth in a short space of time with the right infrastructure in place. They will need to show that they have a solid business case, are deliverable in a reasonably short timescale, will create jobs or housing, and provide returns which can be reinvested locally by the LEP, in addition to attracting further private investment.

“The Growing Places Fund is a great scheme that has the potential to make a real impact on jobs and growth in Stoke and Staffordshire,” said Eric Henderson, Growing Places programme manager.

“We urge any firms planning to expand who think they could be eligible for support to check out the details on the LEP’s website and contact us if they would like further information.”

The latest bidding round for Growing Places Fund loans closes on April 22. Further details are available by clicking on the Growing Places Fund tab on the LEP’s website: https://www.stokestaffslep.org.uk/ Eric Henderson can be contacted on 01785 277231 or via email at eric.henderson@staffordshire.gov.uk

Picture caption: Dunston Business Village, near Penkridge, has been developed with the help of £585,000 Growing Places funding, and is now home to more than 50 businesses.