The Horserace Betting Levy Board (HBLB) says the loans will act as emergency support to tackle the impact of the pandemic.
UK.- The Horserace Betting Levy Board (HBLB) has announced it will take applications for loans to be used as emergency support for the British horseracing industry in the face of the pandemic.
The board, which has responsibility for collecting and administering the British horse racing levy to support the racing industry, will accept applications from September 1.
It announced back in April that together with the Racing Foundation, which is responsible for distributing funds to charitable causes, the two bodies would provide £22million in funding for the industry.
Individual racecourses can apply for working capital loans of up to £200,000, and racecourse groups can apply for loans up to £1million.
Racecourses can also apply for loans to support new projects, which have no ceiling but are limited to 75 per cent of the project’s total cost.
The four-year loans carry an interest rate of 4 per cent. Applications must be made by September 30, with decisions on which loans to grant due to be made in October and November and funds to be issued in December.
In other horse racing news, Richard FitzGerald is to step down as Chief Executive Officer of Racecourse Media Group (RMG) after nearly 12 years in the position.