Horserace Betting Levy Board
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The Levy Board at its meeting in July 2012 approved the reintroduction of loans to racecourses and others; as set out in its Business Plan, £9.3m was reserved for new loans, which will be granted on four-year terms. The new loans will carry an applicable rate of interest and an administration fee and the following priorities for lending were applied in assessing submissions from racecourses.
(1) Capital improvements needed as a result of BHA/legal requirements.
(2) Non-revenue-generating loans for horse specific projects e.g. turf, drainage, stabling.
(3) Revenue-generating loans.
(4) Loans to parties other than racecourses for the improvement of horseracing or other Levy Board responsibility.
(5) Racecourse loans for non-horse specific projects.
Loan applications totalling £8.0m were provisionally approved, in December 2012, for loans to 17 different racecourses.
The amount available for racecourse loans in 2014 is currently estimated at about £10m.
The Levy Board also operates a Capital Credit Scheme and during 2012/13, the Board approved, by way of Capital Credit grants, £685,907 (2011/12: £876,604) for use in racecourse improvement schemes.