The LIF was set up in 2013 to support the development of infrastructure that is required to open up sites for housing or employment development, thus realising sustainable growth in jobs, homes and commercial builds.
Since then, the financial lending market has changed, offering developers more choice. Locally the LEP offers their Growing Places fund and central government have set up their ‘Enable’ fund offering £1billion of borrowing to support small and medium sized builders. This is a loan facility offered directly from banks who are professionally set up to manage the facility.
Therefore, the GNGB Board have decided that as of 17th March 2020, the LIF loan facility is to be closed. No new loans will be agreed, previous applicants will not be able to reapply and applicants with an agreement in principle will no longer be able to progress to a full loan agreement.
For more information please contact the Greater Norwich Project Team:
Tel. 01603 222727