Potential project sponsors should contact the SPRUCE team for an informal discussion on progressing an application. SPRUCE aims to operate a streamlined application process with a quick turnaround on investment decisions and short form template loan documentation.
In order to ensure projects meet the fund's criteria and to manage risk, SPRUCE will review information in the areas listed below. Borrowers seeking investment from SPRUCE will need to address and evidence these areas through a written application process, supported by guidance from the fund.
- The project must meet the fund’s Investment Policy criteria.
- The project must provide sufficient outputs in terms of, for example, the creation of business space, carbon dioxide output reduction and/or energy savings.
- The project should support sustainable development objectives and achieve broad regeneration benefits.
- The financial structure of the project must be appropriate, with all required other sources of finance having been secured.
- The project’s financial assumptions on costs, values, income and savings must be robust and verifiable.
- The project must have a robust financial model and /or projections.
- The payback period for the investment must accord with the fund’s expectations.
- The credit strength of the borrowing entity must be appropriate, with adequate security being provided.
- The project must be investment ready.
- The programme for procurement, drawdown of the investment and delivery of the works must be appropriate.
- Planning permission and any other consents, if required, must have been secured.
- Any required technical studies must have been undertaken and must be robust.
- Good track record of the project sponsor and borrower in delivering projects on time and budget, and on taking on repayable finance.
- There should be adequate technical and financial expertise within the project team to ensure delivery and minimise risk.
- The project should benefit from strong leadership and management/political support.
For queries on SPRUCE or to discuss potential projects, please contact email@example.com
Case studies of SPRUCE's Urban Development projects can be found here.
Case studies of SPRUCE's Sustainable Energy projects can be viewed here.