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Third funding round to kickstart Lincolnshire infrastructure projects

The Greater Lincolnshire Local Enterprise Partnership can now help new projects with another round of funding in the county.

The LEP, which aims to improve infrastructure and business conditions in Lincolnshire, has started its third round of the £9 million Invest and Grow Fund.

The fund pot will help new or stalling projects get off the ground with a loan between £500,000 to £2 million.

The loan can then be paid back over time to the LEP, which will re-invest into other projects needing financial backing.

The local fund is part of the national £500 million Growing Places Fund, in an attempt to push the economy with loans for large projects.

Examples include bringing a derelict building back to use, creating new infrastructure routes, or developing new housing and employment opportunities.

Chair of the Greater Lincolnshire LEP Ursula Lidbetter said: “We are entering an exciting time as the LEP begins to take more control of shaping our economic future.

“This loan fund is an opportunity for a cash injection that will help the public and private sector realise their ambitions and further our goals to create a prosperous and economically sound Greater Lincolnshire.

“Many firms may be struggling to complete infrastructure projects that will create jobs and increase economic growth.

“The first two rounds of this funding have proved very popular, and we’re in the process of awarding £5 million of loans.

“We hope to see many businesses and organisations taking advantage of this opportunity.”

Any project within Greater Lincolnshire can apply for a loan amount, from any size enterprise or sector.

However, projects must have all the correct permissions in place to start work and must demonstrate job creation or growth.

Lincolnshire submissions need to be made to the Greater Lincolnshire LEP by May 15, 2013. Find out more on the Greater Lincolnshire LEP website.