Development Loan Fund - How to Apply
Applications will be assessed in terms of the following:
- Deliverability and risks associated with the project
- Job creation/housing supply benefits and/or other benefits to the Wyre Forest area
- Sustainability and prospects for growth
- Financial implications (e.g. leverage, distributed risk, returns to the Council)
Priority will be given to projects that have planning permission and other funding in place and to those that fit well with one or more of the Council’s corporate priorities.
Revenue projects are not eligible for the Loan Fund. Only capital projects may be submitted (usual fees/project management costs which are part of a larger capital project are eligible).
Deliverability is of paramount importance. The Development Loan Fund funding can be used flexibly to help deliver critical infrastructure, de-risk projects and tackle site constraints to unblock stalled schemes of significant economic benefit.
There is no restriction on the type of capital project that may be submitted or the way in which the Development Loan Fund will be applied. However, we have a responsibility to manage public funding effectively and all projects must demonstrate sustainability and economic benefit to the Wyre Forest area and its residents.
The Development Loan Fund is funded by external borrowing and projects will be expected to repay their funding so this debt can also be repaid. Early repayment will be prioritised and taken into account alongside value for money and economic impact. A repayment period of no more than 5 – 7 years is preferred although loan terms of up to a maximum of 15 years may also be considered.
All applications will be assessed against the following criteria:
- Funds must be used for the acquisition or enhancement of an identifiable asset with a life of more than one year – and ‘ready to go’
- Can include the costs (excluding interest) of assets acquired under a finance lease
- Cannot be used to fund moveable assets where there is an expectation of immediate re-sale
- They must be located in, and significantly contribute to, the economy of the Wyre Forest
- Development projects should have outline planning consent and/or a reasonable expectation that full planning consent will be granted within six months
- We particularly welcome development projects that create skilled employment, especially in one of Wyre Forest’s key sectors such as advanced manufacturing or engineering.
- Please read the application guidance notes above and ensure your project meets these guidelines.
- Please complete the Expression of Interest form, supplied either online or as a downloadable pdf. Once completed, this should be submitted by email to firstname.lastname@example.org where it will be assessed by Council Officers.
- Wyre Forest District Council’s Cabinet make the final decision on each application taking into account the recommendation from Overview and Scrutiny Committee.
Successful loan applicants will enter into a legal contract with Wyre Forest District Council and will draw down/repay their loans according to the contract agreement.
Your application form will be emailed to an officer at NWedR.
Contact NWedR on email@example.com