The South East LEP (SELEP) has £20.724 million of capital loan funding, which it wishes to allocate to new projects across Essex, Thurrock, Southend, Kent, Medway and East Sussex between 2020/21 and 21/22. Consequently, it launched a call for expressions of interest last night.
The loan’s interest rate will be two percent below the Public Works Loan Board maturity rate on the date when the loan agreement is signed or 0%, whichever is higher. If the present market conditions were to continue, this would mean a 0% interest rate. Please note if there were late repayments, the interest rate would default back to the market rate.
You can apply for between £250,000 to £3,500,000 of loan funding per project.
The full details, including the eligibility criteria, are explained in the guidance note. If you are interested, please complete the expression of interest form.