NUE South Essex

 

No Use Empty South Essex (NUE SE) Loan Scheme

 

The project follows securing £2.2m of Government funding from the Growing Places Fund (£1m) and the Getting Building Fund (£1.2m).

This exciting new project will begin in Southend-on-Sea and across south Essex from 19 April 2022 and will run until March 2026. Further details and information on how to apply can be found on the NUE SE web page www.southend.gov.uk/nuese or by emailing the team on NoUseEmpty@southend.gov.uk

Southend-on-Sea City Council is aiming to encourage the development and use of empty commercial buildings across the City and south Essex, by leading a project to provide zero interest loans to owners and developers.

The goal of ‘No Use Empty South Essex’ (NUE SE) is to turn between 10 and 15 empty buildings back into occupation across Southend, Basildon, Thurrock, Castle Point, Rochford and Brentwood. This will be achieved by offering interest-free secured loans to owners and developers to support the development of alternative commercial uses, or create mixed-use commercial and residential properties.

Subject to an approval process, which will be managed by Kent County Council, loans are available in multiples of £25,000 up to a maximum value of £175,000, with the maximum loan term being three years. The application process will open next week.

Loans will be on a first come, first served basis and can be provided as ‘top up’ funding – so if a developer cannot secure all the funding that they need from a bank they can ‘top up’ their bank funding with a loan from NUE SE.

The GPF was established by the Ministry for Housing, Communities and Local Government (formerly the Department for Communities and Local Government) and the Department for Transport (DfT) in 2011. The aim of this funding is to unlock economic growth, create jobs and ‘kick-start’ house building at stalled development sites.

Criteria

• The property must have been empty for more than 6 months
• Loans are interest free subject to conditions – please note if you do request funds for further projects additional charges will apply
• Loans will help landlords, owners and developers to meet the cost of repairs and improvements to bring their property back into use
• Loan amount to be discussed with the NUE team as this will be dependent on availability of funds as each new project is approved.
• Loans to let – repayment period currently up to 3 years from the date a secured charge in favour of Southend-on-Sea City Council has been registered
• Loans to sell – repayment period is on the sale of the first unit or within 24 months of a secured charge in favour of Southend-on-Sea City Council being registered
• Properties must be brought back into use within the agreed project timescales and made available to rent within 12 weeks after the project has been completed (or marketed for sale).
• The loan will be made available as a 100% upfront payment (Larger loans are normally awarded on a phased basis)
• The loan scheme will help create new, quality and sustainable accommodation across Kent

How do I apply for a loan?

We would suggest that you download and read the loan guidance booklet, as this will give you important information on how the scheme works and what conditions you will have to meet to be eligible for a loan.

If you feel that you could benefit from a loan under this scheme or require further information or guidance, then please refer to the contacts page in the guidance booklet.

Formal application packs are obtainable on request

Further details and information on how to apply can be found on the NUE SE web page www.southend.gov.uk/nuese or by emailing the team on NoUseEmpty@southend.gov.uk

PLEASE NOTE THAT ALL LOANS ARE ADMINISTERED ON A FIRST-COME FIRST SERVED BASIS AND SUBJECT TO FUNDING BEING AVAILABLE.