Saturday 18 May 2019 08:47:45 PM

Workspace Development Loans Available From Invest
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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.

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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.