1. User Guide

1.1 Generally

The Mid Wales Commercial Property Investment Fund is the Mid Wales Growth Deal's (MWGD) funding programme for coinvesting with enterprises based in the region (or those who are looking to relocate here) to:

• Enable the development of new commercial property, including the provision of infrastructure and utilities as necessary;
• Enable the extension, renovation/refurbishment, retrofit or conversion of existing commercial property.

It is intended to support the provision of new and modern floorspace to allow our businesses to scale up and invest locally for the good of the region.

There are three key investment objectives for the Fund that you will need to take into account in your application. A wider set of fund objectives (called Critical Success Factors) have also been established. Performing well against these will improve your chances of success and help us achieve our ambitions for economic growth in Mid Wales.

1.2   Our investment objectives

Three investment objectives guide all MWGD's grant decision making:

• Investing in the right opportunities to enable business growth, especially where private sector finance or funds can be leveraged.
• Improving regional wealth and the strength of the local economy
• Creating new, sustainable, and valuable jobs

You must take all three investment objectives into account in your application. You can do this by respectively:

• Seeking a level of grant funding that is appropriate to the scale of your project; one that levers private sector finance/funding, minimising the viability gap that you need this grant to fill.
• Demonstrating how your project can add to the Gross Value Add of the region.
• Telling us how many new, sustainable jobs your venture will create.

1.3  Fund Limitations

Projects supported are expected to have a works cost^[1] value in the range of £250k to £2.5m. The programme will provide viability gap funding as a 'last port of call' to help secure project viability so you will need to consider how you can finance the remainder of the whole project cost (including those excluded from the works cost estimate) and tell us about this in your application.  Each project will be subject to an agreed intervention rate (or payment percentage). In any case the Fund's contribution cannot exceed 45% of the whole project cost or £1m.

The Fund is open to companies operating in particular business sectors, but is NOT open to the region's Local Authorities, or other Public Bodies or Charities. It also not a fund to support the private property development market.

1.4  The Application Process

You should have an initial conversation with our Fund Management Team to assess whether the Fund is right for you. If this is agreed, you will be invited to submit a 'Viability Proposal' which you will have 2 months to submit. If you are successful at that stage, you will then be invited to submit a 'Developed Proposal.'  You will need to meet any costs incurred in developing your proposals. There are time limits in place for progressing your proposals through each and the Delivery Stage (beyond any grant award).

The Fund Management Team can be contacted by email here growingmidwales@ceredigion.gov.uk.

1.5  Is this the right programme for you?

Ask yourself these key questions:

• Is your business looking to grow but is restricted from doing so because of an accommodation issue?
• Will your project respond to our three investment objectives?
• Do you require a grant to close a financial viability gap?
• Will your project run for no more than two years beyond any grant award?

If you answered yes to all of them the Fund could be for you.

[1] Measured in accordance with RICS NRM1: Order of cost estimating and cost planning for capital building work. Typically the works cost estimate contains no allowance for project/design team fees, other development/project costs, risk.