Lancashire urban development schemes to receive £20 million through new regional fund

Urban development schemes across Lancashire will benefit from up to £20 million in financial support through a new fund dedicated to the development of industrial and commercial workspace across the county.

The Lancashire Urban Development Fund has been established via Lancashire County Council and the European Regional Development Fund (ERDF).

It is being introduced to enable new industrial development and refurbishment projects, as well as to unlock stalled projects to enhance the growth of small-to-medium sized enterprises in key sectors such as aerospace, engineering, automotive, creative and environmental.

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It also aims to assist in rebuilding Lancashire’s local economy by creating and retaining jobs that drive sustainable growth as the county recovers following Covid-19.

Developers with eligible schemes in Lancashire are now being advised to come forward and apply for funding. 

The fund officially launches on Thursday 24th March at a live event at Cotton Court Business Centre in Preston. Attendees will hear the team share key information about the fund, eligibility and how loans can be activated. 

The Lancashire Urban Development Fund is managed by igloo Investment Management, which is part of igloo Regeneration and has a long-standing reputation as a responsible investment manager of urban, active and non-core investment strategies in the UK.

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Robert Wood, investment director at igloo Investment Management, said:

“This cash injection of £20 million will be a real boost to the Lancashire economy. It’s a fantastic opportunity for developers to breathe new life into existing projects or to bring forward new projects that have been in the pipeline but stalled without the required funding. Our launch event will provide the perfect platform for those with eligible projects to come and talk to us to find out more.”

County Councillor Aidy Riggott, cabinet member for economic development and growth, said:

“Small and medium sized businesses are the lifeblood of our economy, and we know that many have had to postpone plans for growth due to the uncertainties presented by the Covid-19 pandemic.

“We’re now focused on helping to unlock that potential and are very keen to hear from companies who would like to find out more about the fund and how we may be able to help them finance the next stage of their development.” 

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