Advantage West Midlands is poised to inject gap funding assistance of more than £12m into the region’s commercial property market. Grants from £100,000 to £9m are available to tackle the regeneration of derelict sites and buildings – but developers must step forward with proposals before the end of the year to qualify. Parts of the region will no longer qualify for assistance once European regulations governing assisted areas change on 1 January 2007. Advantage West Midlands has now launched a major marketing initiative urging the commercial sector to look at the benefits of gap funding – and is streamlining its appraisal process to fast-track suitable projects between now and December. John Edwards, chief executive of Advantage West Midlands, revealed details of the initiative at a special business breakfast for developers at Bank Birmingham restaurant in Brindleyplace. Edwards said: “The Agency has a key priority to create a world-class infrastructure for economic growth - and gap funding is often the trigger of finance needed to start high-quality regeneration schemes that will create new businesses and jobs in the region. “The funding enables us as an Agency to step in and use our expertise to reclaim and remediate derelict and disused sites which would otherwise be unviable to the private sector. “We believe there are up to 25 site developments across the region which could benefit from grant assistance. We have £12 million to invest over the next two years – but that in turn is likely to create another £68 million of investment from the private sector.” Three developments in the Black Country have been pinpointed as showcase examples of what gap funding can achieve: * At Bentley Mill in Walsall, 0.5 hectares of former mining land that had stood empty for eight years was developed into a £1.7m high quality business park. * At Green Lane in Walsall, a 6.4 hectare industrial site was developed by Antringham / Coltham into an £18 million distribution centre for TK Maxx, creating 1,000 jobs. * At Apollo Park in Oldbury, the first phase of a 10.5 acre development at the former Accles & Pollock works was developed into an 85,000 sq ft manufacturing and distribution facility. Tim Blairs, from Antringham Developments, said: “Our gap funding grant of about £1m in December ’03 was a terrific kick-start to the Green Lane scheme. “It covered the initial costs of demolition and remediation, including the removal of around 17,000 cubic metres of contaminated soil – and Green Lane has become one of the region’s most successful examples of economic regeneration in recent years. “Advantage West Midlands’ efforts to fast-track the process should make gap funding more attractive to the commercial sector.”