Horserace Betting Levy Board
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Current Document: Capital Projects
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As set out in its Business Plan, since 2012 the Levy Board has had a specific objective to provide loans to racecourses and others. New loans are granted on four-year terms, carry an applicable rate of interest and an administration fee and the following priorities for lending are 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) Capital improvements for non-horse structures;
(4) Revenue-generating loans;
(5) Loans to parties other than racecourses for the improvement of horseracing or other Levy Board responsibility;
(6) Racecourse loans for non-horse specific projects.
Loan applications totalling £8.6m were approved in 2013/14, for loans to 5 different racecourses.
The amount available for racecourse loans in 2014/15 is currently estimated at about £10m.
The Levy Board also operates a Capital Credit Scheme and during 2013/14, the Board approved, by way of Capital Credit grants, £3.5m (2012/13: £0.7m) for use in racecourse improvement schemes.