Dorset LEP was awarded £66.4 million from the Local Growth Fund in July 2014, with a further £12.6 million awarded in January 2015 - bringing the total of the Dorset Growth Deal to £79 million to date.
The Growing Places Fund is designed to generate economic activity in the short term by addressing immediate infrastructure and site constraints to enable the delivery of jobs and housing. It is a revolving fund based on the principles of investment, repayment and reinvestment, where applicants pay the loaned monies back so that the Dorset LEP can re-invest into further schemes across the LEP geography.
The £9.4m fund can only be used for capital expenditure and normally has a maximum loan term of 5 years. It may be used by businesses that have viable projects, including security that can deliver economic growth, even if the business is unable to access alternative funding mechanisms.
Find out how your business can benefit from European Structural Investment Funding (ESIF).
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