We are currently inviting expressions of interest to the Business Loan Fund. Submissions will be considered at the next monthly Investment Panel meeting.
There have been two previous rounds of the Hull & East Yorkshire (HEY) LEP Business Loan Fund and there is still some funding to allocate. It is anticipated that individual funding approvals will be between £100,000 and £1,000,000. Projects outside this range may be considered but must deliver exceptional outputs and/or provide exceptional value for money. Please note that we are not able to provide loans of less than £75,000.
Progression of any application is subject to available funds.
All applications will be assessed against the following criteria:
- Projects must be capital schemes that are ‘ready to go’ and are able to generate sustainable employment quickly
- Projects must be located in, and significantly contribute to, the economy of the Humber
- Projects should have outline planning consent and/or a reasonable expectation that full planning consent will be granted within six months
Applications must be able to demonstrate they are capital projects, meaning that an investment:
- Must be used for the acquisition or enhancement of an identifiable asset with a life of more than one year
- 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
For more information download our application guidance notes. Please note that there is a Due Diligence process that will be undertaken before going into contract.