A new £25million Invest to Grow Fund to encourage developers to bring new jobs and facilities to the borough has been launched to the property market by Basingstoke and Deane Borough Council
Using money from long-term investments, the council has set up the fund to contribute to keeping the economy booming by providing loans to companies to attract them to invest in the borough.
It has been established, through specialist international advisors CBRE, to help kick-start a wide range of commercial, regeneration, property and infrastructure projects within the council’s area.
The new fund was launched to the property, development and investment market yesterday (Thursday 20 October) at the MIPIM UK property show in London, as part of the council’s promotion of the borough to help encourage inward investment.
The fund will be used to stimulate new jobs and more homes and attract significant inward investment into the borough by helping to fund key projects, especially where bank funding is not easily available.
Projects will be encouraged in sectors ranging from office, industrial, manufacturing and logistics to infrastructure, housing, renewables and low carbon schemes.
The fund will earn a much better rate of return than the council’s current cash investments, helping to maintain services, despite reducing resources.
The council’s Cabinet member for Property and Development Cllr John Izett said: “The Invest to Grow Fund is a new council initiative aimed at securing investment in the borough, that might otherwise not come here, in a new and innovative way.
"At a time when banks and other conventional sources of finance are restricted in their lending policies, particularly outside London, it is right that this council steps forward and uses its financial resources by offering opportunities to borrow on projects that will deliver new investment and jobs for our borough.”
For more information see the website at www.BasingstokeInvestToGrow.co.uk