Cheap loans on offer to speed up Norwich’s transport improvements
16:55 09 April 2014
Cheap loans are being offered to developers to kick-start transport improvements across Greater Norwich.
Firms are being urged to borrow from a £20m fund to shore up the infrastructure links which are holding back growth in the local economy.
Policy makers spearheading the scheme said it will help to unlock delayed housing developments and create new jobs.
The low-interest loans are part of the £80m City Deal awarded to Greater Norwich at the end of last year, which aims to create 19,000 new jobs and 3,000 new houses by 2026.
Brenda Arthur, leader of Norwich City Council and chair of the Greater Norwich Growth Board, said: “Making money work in this way is what our City Deal is all about.
“The Local Infrastructure Fund will mean delivery of the groundwork needed to bring about significant growth in employment opportunities and provision of homes for the area.”
Meanwhile, Mark Pendlington, chairman of New Anglia Local Enterprise Partnership, added: “Housing and jobs are essential for the future growth of Norwich. This fund helps to unlock so much of the potential that exists here, and brings to life the opportunities that are at the heart of our City Deal.”
The £20m Local Infrastructure Fund, which will award the loans, has been set up by the Greater Norwich Growth Board (GNGB) using its ability to borrow at a discounted rate from the Public Works Loan Board.
Andrew Proctor, leader of Broadland District Council, said: “This fund will be a great boost to help developers create good sustainable development. This also supports our intention of growth supported by infrastructure.
“As a long term opportunity, with the fund open until 2026, employment, housing, transport and leisure facilities can be properly planned to maintain balanced communities for Broadland residents.”
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• Are you thinking of taking advantage of the fund? Contact business writer Ben Woods on 01603 772426 or email firstname.lastname@example.org