Invest Northern Ireland Launches Flexible Workspace Loans.
Loans are available for property developers with plans to develop start-up and early stage growth on workspaces in Northern Ireland.
Invest Northern Ireland has recognised that government support may be necessary to facilitate the capital cost of the refurbishment of existing buildings or new build start-up and early stage grow-on workspace. In response to this, it has established a pilot Flexible Workspace Loan Scheme to provide, through loans, a proportion of the capital cost of such new builds/ refurbishments.
The scheme is available to support projects throughout Northern Ireland and will operate for two years, subject to review during year one. Projects will provide a maximum of 35,000 sq. ft. net of flexible early-stage or “move-on” workspace capable of sub-division. Projects with the potential to deliver speculative workspace will be welcomed.
The Fund has a total budget of £5.5 million and when that budget is exhausted, there will be no further loan offers made. The maximum level of loan made available to any one project shall not exceed 40% of the total capital finance required.
Eligible costs are defined as the total development costs, excluding any costs already incurred and excluding land costs, but would include rolled-up interest during the construction phase.
The deadline for Expressions of Interest is 5pm on Friday 30 August 2019.