This fund aims to unlock economic potential and accelerate growth. The Fund will be invested, in particular, in projects that generate a ‘return’ within LCR.
The Combined Authority has established a Single Investment Fund (SIF) to unlock the economic potential and accelerate growth within the Liverpool City Region. This approach is compliant with the HELIUM project's main priority where investment is leveraged within the health innovation space.
The SIF have been pooled in a single scheme through Government’s LCR Devolution Deal with funding from other local and national sources.
The SIF will be invested in projects that generate a return, so that resources can be recycled to achieve further growth. This includes investment in assets that generate a revenue or capital receipt.
SIF funding will be provided in the most appropriate form for each project based on the results of a robust appraisal. This could include:
o equity investment; or
The amount of funding available for each project will be based on an assessment of the minimum level of finance needed to unlock the project’s delivery. The SIF will fund projects requesting a minimum of £250,000 but projects can be combined to form packages or programmes and preference will be given to proposals that have match funding and lever additional private sector investment into the LCR. Preference will therefore be given to support in the form of loans or investments that generate a return.
LCR combined authority
LCR Local Authorities
LCR Local Enterprises Partnership
Potential applicants (e.g. Industry, university, NHS etc
UK Government funding under the LCR Devolution Deal (£30 m for 30 years), plus other sources including Regional Growth Funding have been pooled in a single scheme. The level of SIF funding available for the first three years is expected to be approximately £150 million.
Evidence of success
Two health/life science projects have been supported. The Centre of Excellence in Infectious Diseases Research, a joint venture between the University of Liverpool and the Liverpool School of Tropical Medicine. Seqirus Vaccines received funding to support the development of its Liverpool facility. SIF funding was used to support the development of the Paddington Village, construction of a range of commercial and non-commercial health-focused buildings.
The identification of viable projects that are likely to provide economic outputs and provide value for money can be challenging. Many projects proposed for SIF need significant feasibility assessment support to develop projects to ensure that economic outputs are achievable.
Potential for learning or transfer
The SIF fund has potential to transfer in other regions because it shows that a range of economic funds can be pooled to invest in health innovation projects. Investments will generate an economic return to achieve further growth. Match funding from partners maximises the impact of limited regional investment funds.