As an initial response to COP26, this loan fund aimed to fuel the recovery and growth of the Solent economy, support an agile economy that is fit for the future, and lead the pathway to Net Zero.
Solent Building Back Greener Loan Fund - NOW CLOSED
The Solent Building Back Greener Loan Fund has now closed for application.
The Loan funding was available for capital projects that demonstrably contribute towards achieving Net Zero; and that will start on site by the end of June 2022 and look to complete by March 2024.
Priority was given to projects that aligned with the Government's Eligible Green Expenditures.
To meet the objectives of:
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The Protection and Restoration of Biodiversity and Ecosystems
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Sustainable use and Protection of Water and Marine Resources
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Climate Change Mitigation
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Climate Change Adaptation
This loan fund was available for applications for projects that will achieve one or more of the following:
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Green growth in the Solent maritime sector that aligns with the Clean Maritime Plan
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The Solent economy's pathway to Net Zero
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The green skills and training that Solent employers need
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Strengthening the Solent as a hotbed of innovation.
Applicants were asked to demonstrate how their projects will support the delivery of one or more of the Solent LEP's seven strategic priorities:
Eligibility Criteria
Below you can find the eligibility criteria set for those who applied.
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Be located in the Solent Local Enterprise Partnership area
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Be a UK domiciled company
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Must demonstrably contribute to delivering Net Zero
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Deliver economic outputs in the Solent Local Enterprise Partnership area
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Be seeking loan funding of no less than £100,000 and no more than £1m
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Be seeking loan funding which represents no more than 50% of the total cost of your project
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The balance of project costs must be financed by confirmed funding, either from your own or third party sources, which is available to be drawn upon at the time of application
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Will commence delivery on site by the end of September 2022 (projects that can start sooner may be prioritised)
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Demonstrate the ability to pay back the loan funding in no more than 36 months
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Be able to offer security to underwrite the full value of the loan at the cost of the bidding organisation
Applications were invited from:
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Private sector businesses incorporated in the UK that are located in the Solent area
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Further Education colleges and Universities located in the Solent area
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Social enterprises located in the Solent area
The deadline for applications was 14 January 2022.
Bidding prospectus and supporting documents which need to be completed as part of your application can be found below
PDF - 704.06 kb
Solent Building Back Greener Bidding Prospectus
Excel Spreadsheet - 42.09 kb
Building Back Greener Loan Fund Declaration and Project Summary
Excel Spreadsheet - 114.16 kb
Financial Annexe Template
Word Document - 29.99 kb
Low Value and Risk Business Case Template
Word Document - 45.44 kb
Medium Value and Risk Business Case Template
Supporting Webinars
Please see recordings of our webinars below.
We ran two webinars to introduce the loan fund, explain the requirements and the application process, and answer any questions applicants had.
Solent Building Back Greener Loan Fund Timeline
Below you can see each stage of the application process from launch to loan offer
18 November 2021
Launch Date
24th November 2021
12.30 - 13.30 PM
Introductory Webinar
1st December 2021
12.00 - 13.00 PM
Introductory Webinar
14 January 2022
Deadline for Applications
Deadline for submitting applications is 23.59PM on Friday 14th January to pipeline@solentlep.org.uk
January-February 2022
Dates to be confirmed
Due Diligence
Independent expert due diligence and financial due diligence of applications. Please note, applicants may be required to respond to clarification questions and provide additional evidence
February-March, 2022
Dates to be confirmed
Applications to be considered
LEP Board or LEP Funding, Finance and Performance Management Group (FFPMG) meets to consider applications
February-March, 2022
Dates to be confirmed
Outcome of application
Outcome of application reported within five working days of LEP Board or LEP Funding, Finance and Performance Management Group (FFPMG) meeting (please note, any unsuccessful applications will be offered a feedback call)
March 2022
Dates to be confirmed
In-principle loan offered
It is expected that successful applications will be provided with an in-principle loan offer