Sheffield outlines £23 million commercial property funding pot | 30 April 2013
A £23 million fund has been made available to developers in Sheffield for use on projects that will boost economic growth in the local area, newsrt.co.uk reports.
The finance package has been offered as part of the area’s JESSICA (Joint European Support for Sustainable Investment in City Areas) fund, which has been backed by the European Regional Development Fund and the government’s Growing Places Fund.
It is aimed at providing the much-needed finance for projects which may otherwise struggle to find commercial funding. Special emphasis will be put on office and industrial developments, which can apply for loans for up to £4.3 million each.
Rates offered will be competitive to make the scheme a desirable one, whilst these repayments will then go on to fund additional projects. It is hoped this method will make the funding a sustainable one that not only provides a real return but can then go on to help businesses indefinitely.
Speaking to thestar.co.uk, Sheffield City Council cabinet member for business, skills and development, Leigh Bramall, explained: “This fund will stimulate growth and overcome barriers to growth in the development and property sectors.
“The way we have set up this fund puts us in a strong position to meet the needs specific to our local economy.”
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