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.
The Evergreen Funds are managed by CBRE who provides debt funding for commercial property and regeneration projects between £1m and £15m. The Fund is open for applications. Specific areas of focus include office, industrial, research and innovation and carbon efficiency projects.
Evergreen 1 was established as part of the 2007-13 North West Operational Programme, and includes Cheshire & Warrington, Lancashire, Blackburn & Darwen and Blackpool, in addition to the 10 Greater Manchester authorities. Evergreen 2 has recently been established under England’s 2014-20 Operational Programme and is solely a Greater Manchester fund.
Evergreen 2 – Focus
The Evergreen 2 fund will invest up to £45m of European Regional Development Fund monies. This will be allocated as £30m from Priority 1a of the 2014-20 ERDF Operational Programme, and £15m from Priority 4b.
Under Priority 1a, Evergreen 2 will develop, retain and exploit excellence in GM’s Science / technology / Innovation assets, through investment in the appropriate volume, specification and flexibility of commercial floor-space. This will include investment in the development of new sites, the remediation and redevelopment of brownfield and the development / refurbishment of commercial floorspace. Under Priority 4b, the aim will be to promote increased energy efficiency in particular in SMEs. The Investment Priority presents an opportunity to use ERDF resources to support improvements in the buildings. This includes energy efficient new buildings as well as deep renovations of existing buildings.