Wiltshire Council’s Swindon and Wiltshire Business Growth Unit has opened a new round of funding through the Growing Places Infrastructure Fund (GPIF). The GPIF fund offers loans towards the capital costs of a new investment within a business.
The fund is open to businesses that are based in, and trade from, Swindon and Wiltshire. Loans are available towards r the capital costs of projects that are stuck because of infrastructure problems or commercial barriers. In this round, loans can be anywhere from £100,000 up to a maximum of £1 million and repaid within three to seven years.
To be considered, a project should:
- create measurable, lasting economic growth in Swindon and Wiltshire
- support the strategic aims set out in the GPIF Prospectus
- be ready to start quickly
- show clearly that the loan can be repaid
- offer good value for money
As part of their application, businesses will need to provide:
- financial accounts for the last two years
- a business plan for the investment they’re proposing
- a detailed cashflow forecast
- details of the security on offer and of any other borrowing
The GPIF does not lend to companies or projects that are pre-revenue. All loans must be secured.
The first step to apply is to submit an Expression of Interest, where businesses give an outline of their project. Those who meet the criteria and pass initial credit and fraud checks may be invited to send in a full application. Full applications are then assessed in detail, which includes detailed due diligence and fraud checks.
You can access the GPIF Prospectus and the Expression of Interest form, and find out more, on the Growing Places Infrastructure Fund page. You can also email the team at [email protected].
If your business has a viable project that is ready for capital investment and you can provide security for a loan, we’d encourage you to apply. It’s a chance to help grow the economy of Swindon and Wiltshire.
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