Leeds City Region Revolving Investment Fund

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.

What we do

The key stakeholders (local authorities in Leeds, Bradford, Wakefield, Kirklees, York, Harrogate and Calderdale) have committed in excess of £20m to provide the initial public funding for the RIF.

The RIF provides short term loans of over £1m to support businesses to accelerate economic growth and job creation within the Leeds City Region. 

Funding is available for commercially viable private sector led infrastructure and construction projects in the Leeds City Region (such as new homes, new energy infrastructure, new factories and commercial buildings) where conventional sources of funding are insufficient or unavailable. Investments are on commercial terms and compliant with Subsidy Control (formerly State Aid) restrictions.

The RIF is a core investment tool for our aspirations to be a globally recognised economy where good growth delivers high levels of prosperity, jobs and quality of life for everyone.

In particular, it creates avenues for developers, business and funders in the Leeds City Region to work together with the public sector.

Interested parties are invited to contact us. If the Leeds City Region RIF is deemed an appropriate funding source for your project, we will send you an application form.

The application process

Stage 1

Project application form submitted for an initial assessment and evaluation. The key assessment criteria will consider viability from the following aspects:

  • strategic
  • economic
  • commercial
  • financial
  • management

If the project is approved for 'investment in principle', it will then move to Stage 2.

Stage 2

This involves consideration of a detailed business case and due diligence. Successful applications will be recommended to progress to Stage 3.

Stage 3

This is the investment phase where funding terms are finalised and loan monies are available.

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.

Examples of loans

Example 1

A loan for the development of 38 houses, including 11 affordable homes on a vacant greenfield site near Bradford which provide good quality, well designed and constructed, energy efficient homes for social provision and the open market. Up to 40 construction jobs created and local suppliers and contractors utilised. 

The utilisation of RIF mezzanine funding alongside traditional bank debt enabled the developer to use their own financial resources to undertake further developments in the region as well as to accelerate work.

Example 2

A loan for the first phase of Citu’s “Climate Innovation District” next to Leeds Dock which enabled Citu to remediate 6.5 acres of brownfield land and to fund infrastructure and construction to build 312 low carbon family homes and apartments as well as a footbridge to connect both sides of the river Aire. 

Funding was provided on a senior debt basis where conventional market finance was unable to help.

Example 3

A loan to support the development and fit-out of industrial shell buildings in Leeds to create a large-scale, purpose designed soundstage facility (plus ancillary workshops, prop stores, make-up/wardrobe/dressing rooms and production offices) at the heart of the Leeds City Region.

Funding was provided on a senior debt basis, alongside other public sector funding and developer equity.

Further information

The RIF Annual Report and Leeds City Region RIF Prospectus are available upon request by emailing Investmentfund@leeds.gov.uk.

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