The Chrysalis Fund is a £53m loan fund that is run on behalf of the Liverpool City Region Combined Authority for the benefit of the local economy. It has already seen the creation or safeguarding of almost 4,000 jobs and enabled the redevelopment of 19 hectares of land, providing over one million square feet of office space.
The fund was established in 2011, and so far £53m has been allocated to 13 separate projects across the Liverpool region. For example, the Duke and Parr redevelopment of the city’s first public library on Duke Street has not only preserved a historically significant building, but also created a new entertainment venue.
The majority of the loans have been fully repaid with interest, generating profits of £3.9m. This money will be reinvested back into the local economy to drive further growth and development. The Combined Authority has now committed to an additional £17.5m investment to keep the momentum going.
Mayor Steve Rotheram said: “We are investing in high-tech, sustainable office and laboratory space that will allow our industries to reach their full potential – and create more secure, high quality local jobs along the way.”
He added: “Across our area, we’ve invested in transformational developments that are befitting of a modern, forward-looking city region like ours. With world-leading industry clusters in infectious disease control, materials chemistry and AI all on our doorstep, we are already home to a thriving innovation economy.”
Some of the interest repayments have already been invested in community schemes such as the LCR Cares programme, which helped thousands of local residents to cope with the challenges of the pandemic.
The Chrysalis Scheme is predicted to return annual profits of £400,000, which will be used to support key issues in the community such as digital inclusion and mental health and wellbeing.