The North West Evergreen Fund exists to support the delivery of commercial property and infrastructure projects in Greater Manchester, Cumbria, Cheshire and Lancashire.
HOW IS EVERGREEN FUNDING RELEVANT TO YOUR PROJECT?
Evergreen funding is debt; the purpose is to assist projects that support economic growth that are viable but are not able to obtain financing from traditional sources. The financing is NOT a grant and all projects will require an exit strategy to ensure they will have a short term pay back in order that the funds may be recycled as efficiently as possible, delivering maximum outputs.
The Evergreen Fund is calling for long term and short-term strategic projects that will contribute to the economic growth of the region.
Rates charged on funding are variable dependent upon the level of collateralisation and the covenant of the project.
CALL THE FUND MANGERS TO DISCUSS YOUR PROJECT
The Fund, which is supported by European Regional Development Funding and the JESSICA Programme as well as by 16 local authority partners, is a new approach to investment which sponsors a wide range of development opportunities where there is a clear benefit to the region’s employment, regeneration, environmental and economic prospects.
By backing sustainable schemes through an innovative mix of public and private funding, the partnership intends to underpin the region’s long-term growth prospects.
The Fund has had a hugely successful 2015 – over £85m has been committed through loans, to 11 strategically important development schemes. The Fund is now receiving repayments and is in its reinvestment phase.
WHAT IS JESSICA?
The Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative was launched by the European Commission and European Investment Bank (EIB) in collaboration with the Council of Europe Development Bank in order to promote sustainable investment, growth and jobs in urban areas. The Northwest Urban Investment Fund (NWUIF) is the JESSICA holding fund for the Northwest of England.
The EIB launched a tender process for the selection of two Urban Development Funds to receive resources from NWUIF. The Northwest Evergreen Fund was selected as the UDF for the Northwest of England excluding the Merseyside sub-regional area. The role of the UDF will be to facilitate the disbursement of EU Structural Funds in the Northwest by making repayable investments in public-private partnerships or other urban regeneration projects.
ABOUT THE EUROPEAN REGIONAL DEVELOPMENT FUND IN THE NORTH WEST
Evergreen 2 is receiving funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regeneration’s. For more information visit https://www.gov.uk/european-growth-funding.
ERDF in the North West is managed by the Department for Communities and Local Government. For further information please click here.