Short term, commercial loans of over £1 million are available through the Leeds City Region Revolving Investment Fund (RIF) to support infrastructure and construction projects which help deliver economic growth and job creation within the Leeds City Region.
Overview
Local authorities in Leeds, Bradford, Wakefield, Kirklees, York, Harrogate and Calderdale have committed in excess of £20 million loan funding for commercially viable, private sector led infrastructure and construction projects in the Leeds City Region. Projects eligible for support include new homes, delivering new energy infrastructure, new factories and commercial buildings, where conventional sources of funding are insufficient and/or unavailable.
The Leeds City Region RIF creates avenues for developers, business and funders in the city region to work together with the public sector. Loans will be made available on commercial terms and compliant with State Aid restrictions to meet the gaps where private finance cannot be obtained.
Eligibility
In order to receive funding:
- Your project must be asset-based infrastructure and construction, including housing, that will grow the Leeds City Region economy
- You must have private finance available to contribute: either your own, from a bank, or other commercial finance to invest alongside
Projects are more likely to succeed if they have a clear business plan, with all relevant planning permissions and legal consents in place, and any major issues and risks identified and managed.
Loans must be repaid within five years. There is no closing date for applications; however, the loan fund will close when fully allocated, so we advise applying as soon as possible.
How to apply
Please contact us on 0113 378 5930 or email Investmentfund@leeds.gov.uk.
Our team will then contact you to discuss the next steps. If the Leeds City Region RIF is deemed an appropriate funding source for your project, we will send you an application form.
More detailed information can be found in our Prospectus (PDF 2MB).
Other requirements
If you are seeking a commercial loan to create economic development in the Leeds City Region but do not fully meet the current eligibility criteria, we would be pleased to hear from you to understand more about your business requirements. It may be that alternative funding opportunities in the Leeds City Region are available.
