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Priority Investment Areas
Our investment funds have three designated and interconnected investment priorities, linked by a common focus on securing a coherent, competitive, sustainable and fair regional economy. The Investment Priorities –Innovation, Infrastructure and Challenge – are based on evergreen and co-investment principles.
The Innovation priority looks at proposals demonstrating unique intellectual property, market leadership and competitive strength. It also supports support propositions that enhance productivity from the foundational economy and in targeted growth sectors that have the greatest potential for direct economic return on investment through job creation and GVA increase.
The Infrastructure Priority focuses on public sector led and public-private co-investment in physical and digital infrastructure projects intended to deliver maximum impact. These will typically include things like roads, public transport, broadband, skills, sites and premises, and testbeds.
Our Challenge priority is aimed at re-building local wealth through bringing innovative solutions to tackling some of the CCR’s most urgent societal problems. Typically these fund will invite our public sector bodies to develop challenges and connect with organisations that are able to provide innovative solutions to the challenges identified.
What funds are available?
The Wider Investment fund is a general fund focussed on the priority areas outlined above. The other funds represent bespoke, ringfenced sums specifically allocated for the purposes described. The processes for accessing the funds are specific to each fund.
Wider Investment Fund
Out of the original £1.3bn City Deal funding, £495m has been allocated to a Wider Investment Fund, with the balance being allocated to Metro developments. This is the primary fund that proposals that align with our 3 priority investment areas of Innovation, Infrastructure and Challenge will seek to access. We are seeking proposals into this fund that have the scale and ambition to radically address the challenges facing the region.
Out of this fund a number of “sub-funds” have been created for specific categories of investment. This is in order to ring-fence set sums for investment, create bespoke eligibility criteria, employ dedicated fund managers to manage the application and assessment stages and in general simplify the overall process for the applicant.
Unless your investment request is directly aligned to one of the sub categories please follow the Wider Investment Fund Process.
The Challenge Fund aims to build local wealth through creating commercial opportunities for organisations across the CCR, by inviting them to propose solutions to challenges across three priority themes: currently have a £10m fund ring-fenced for an initial set of societal challenges based around the 3 key themes of accelerating decarbonisation, improving the health and wellbeing of the region’s citizens, and supporting, enhancing and transforming communities.
We are currently in the process of working with the public sector to define these challenges in the expectation the challenges will be put to the market in April 2021. 100% funding will be available to those organisations that come forward.
Strategic Sites and Premises Fund
This £50m Sites and Premises Fund has been set up to support the region’s Industrial and Economic Plan by targeting projects, which are key to delivery of the region’s priorities, in support of innovation, business growth and regeneration. It will address funding market failures, accelerate and increase investment in private sector led development and site-specific infrastructure.
CBRE has been appointed as Fund Advisor and the fund is expected to go live for applications in May.
SME Finance Fund
Pending Not yet Live
Our £10M SME Finance Fund aims to target smaller development sites under the control of SMEs within the region, which are unable to proceed due to a lack of access to available funding support. In particular, the fund will look to provide funding to meet the costs associated with the earlier parts of the development lifecycle.
Procurement of a fund manager will commence in early 2021, with a view to appointment and launch by summer 2021.
Innovation Investment Fund
This is a prospective ring-fenced fund for SME’s either in the CCR or those looking to re-locate to the CCR. It will be used to provide growth capital to innovative businesses in key industry sectors such as compound semiconductors, med tech, cyber security and fintech, is aimed particularly at established innovative companies needing capital to scale up their operations. It’s hoped the Innovation Fund will deliver the sort of continuity investment that will bring key industry clusters to life, ensuring companies can fulfil their potential for innovation and producing economically significant hubs with multiplier effects into local and regional supply chains.
Wider investment fund process
In the first instance please contact us at email@example.com to arrange a discussion. This will enable us to understand your requirements and direct you towards the most appropriate fund and process.