Worcestershire County Council have launched the new Revolving Investment Fund (RIF), a capital investment programme to support, enhance and deliver economic opportunities within Worcestershire to support its “Open for Business” agenda.
The fund will support schemes which will benefit from the County Council involvement and where the County Council can add value. Its ultimate aim is to accelerate investment and economic growth within Worcestershire, bringing jobs and opportunities to Worcestershire.
The RIF is not limited to projects in which the County Council is the sole investor. Any projects will be considered as long as the criteria below are met, whether the investment is to be funded solely from the RIF or between a range of partners in a co-funding arrangement. This could include the Worcestershire Local Enterprise Partnership, other local councils or private investments sources.
Applications are encouraged which are targeting cash-generating, mid-sized commercial developments with a contribution from the RIF between £500,000 and £2.5 million.
• commercial property developments within Worcestershire
• overall portfolio rate of return in the region of 7% which is a blend between cash yield and capital appreciation
• a payback period of a maximum of 10 years
• investment levels between £0.5 and £2.5 million
• increase in GVA of Worcestershire’s economy
• creation of new employment
• contribution to Social Value
• contribution to the Councils ‘Open for Business’ strategy to include:
o reduced journey times to key economic centres
o increased productivity of Worcestershire’s economy
o increase in the average salary for Worcestershire-based jobs
o improving digital connectivity
Applicants will be appraised on a series of weighted questions and supplementary information that will be evaluated against the Revolving Investment Fund key criteria.
The Revolving Investment Fund appraisal is a two stage assessment that begins with self-assessment against the Revolving Investment Fund key criteria, followed by completing and return the appropriate Application for the proposed project in response to a series of questions and supplementary information that will be evaluated against weighted investment criteria.
For further information on the Revolving Investment Fund, visit the Worcestershire County Council website.
Interested parties are invited to contact the team on 01905 846096 or email firstname.lastname@example.org to discuss your project prior to application.