Growing Stronger Communities Together
Developers are being given the chance to access low interest rate loans from a fund designed to kick start delivery of infrastructure in Greater Norwich.
A Local Infrastructure Fund of £20m has been set up by the Greater Norwich Growth Board (GNGB) using its ability to borrow at a specially discounted rate from the Public Works Loan Board.
This is part of £80m-worth of borrowing potential granted to partners through the successful City Deal bid at the end of last year.
The scheme will offer developers funding to deliver essential infrastructure, such as roads and transport links, which will in turn unlock developments that may otherwise have been delayed.
It will specifically support infrastructure required to open up sites for housing or employment development, realising sustainable growth in jobs, homes and commercial builds.
Brenda Arthur, leader of Norwich City Council and chair of the Greater Norwich Growth Board, said: “Making money work in this way is what our City Deal is all about.
“The Local Infrastructure Fund will mean delivery of the groundwork needed to bring about significant growth in employment opportunities and provision of homes for the area.”
Mark Pendlington, chairman of New Anglia Local Enterprise Partnership, said: “Housing and jobs are essential for the future growth of Norwich. This fund helps to unlock so much of the potential that exists here, and brings to life the opportunities that are at the heart of our City Deal.”
Andrew Proctor, leader of Broadland District Council, said: “This fund will be a great boost to help developers create good sustainable development. This also supports our intention of growth supported by infrastructure.
“As a long term opportunity, with the fund open until 2026, employment, housing, transport and leisure facilities can be properly planned to maintain balanced communities for Broadland residents.”
John Fuller, leader of South Norfolk Council, said: “The fund will not just benefit builders but will be used to accelerate wider improvements that will benefit existing residents.
“Widening the rail bridge and sorting out localised flooding in South Wymondham are two examples.”
Expressions of interest from developers are currently being taken by email to info@gndp.org.uk
Developers wanting to take advantage of the fund will be asked to complete a business case for their scheme, which will then be assessed by the GNGB.
Successful schemes will have variable timelines for repayment but all loans must be repaid within five years.
The preferential interest rate payable by the board to the PWLB will be passed on to successful applicants with the addition of a variable base point to cover the administration costs of running the fund.
The fund itself will remain open until the end of the financial year in 2026, with the maximum loan limit currently set at £5m.
For comment from Norfolk County Council, please contact the media team on 01603 228888.
For further information please contact:
Charlotte Stratta, communications officer
t: 01603 212199
e: charlottestratta@norwich.gov.uk