Working with developers and advisors to invest throughout Lancashire, support industrial development and accelerate SME growth
How the Lancashire Urban Development Fund works
The Lancashire Urban Development Fund is ring-fenced for the Lancashire region. This means it’s focused and targeted with specific objectives to fund industrial workspace. The fund has been designed to support small to medium-sized enterprises from Lancashire’s high growth sectors, including engineering, aerospace, automotive, creative and environmental.
The total investible capital will be £20 million, with a requirement that total investment from the fund will leverage an additional 40% from private sector co-investment. While the fund will lend on commercial terms, it will still have the flexibility to be tailored to the requirements of specific projects.
It’s important to acknowledge that we strongly believe in and are aligned with the Lancashire County Council’s vision to rebuild the local economy and drive sustainable growth post COVID-19. More specifically, we aim to inject £20 million into the local economy, creating new development space, while also creating and retaining jobs in Lancashire.
About the European Regional Development Fund (ERDF)
The Lancashire Urban Development Fund has been established via the European Regional Development Fund (ERDF). The ERDF’s strategy for England is focused on growth – building on England’s competitive advantages and addressing key challenges in specific sectors and regions. To that end, the ERDF’s resources will be primarily allocated towards supporting the growth of small to medium-sized enterprises, driving innovation and unlocking barriers that matter strategically to specific areas in England.
The ERDF’s UK funding priorities are set out in the following focus areas:
Supporting small to medium-sized businesses in boosting their competitive advantage, which will account for 39% of ERDF support
Accelerating research, technological development and innovation, which will account for 22% of ERDF support
Contributing to the shift to a low-carbon economy in all sectors, which will account for 22% of ERDF support
Thematic priorities
About igloo
igloo Investment Management (IM) was launched to manage funding within projects developed by igloo Regeneration, as well as separate real estate, sustainable development and urban regeneration funds. igloo IM is authorised and regulated by the Financial Conduct Authority (FCA) as a Small Authorised (UK) Alternative Investment Fund Manager.
igloo primarily aims to become the UK’s leading responsible investment manager of urban, active and non-core investment strategies. Being responsible means putting stakeholders, integrity and sustainability first in everything it does. igloo IM focuses on urban areas where investment will have a greater impact.
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