The Cumbria Infrastructure Fund is part of the national Growing Places initiative. It offers funding to support infrastructure projects which unlock development, creating jobs and homes in Cumbria.

It operates as a challenge fund, scoring applications against given criteria and selecting the best available projects for the county.

The Small Business Development Loan

The LEP has set aside £1m from the Cumbria Infrastructure Fund to establish the Small Business Development Loan.

The loan is open to applications from small and medium businesses, for developments in Cumbria.

Support is given in the form of a loan of up to £150,000 at a 1% interest for capital projects which create new jobs. The Small Business Development Loan will provide up to 50% of the capital expenditure of the total project cost. Applicants will have to demonstrate that the project for which funding is sought is viable, that it can create jobs and a sufficient return to repay the loan. Applicants will also need to provide security against the value of the loan.

This is a revolving fund, not a grant. When the development has been completed, the funding should be paid back to support further developments.

When can I apply?

The first deadline for applications is 21st January 2013 and then monthly. Deadlines for monthly submissions can be found in the guidance note, a link is provided below.