Cornwall ‘in line for lending bank’

1
918

Cornwall is in line to get its own European-funded lending bank, it is being reported.

The BBC claims the LEP-inspired scheme would be set up with about £100M, drawn from the third round of European funding it is due to receive over the next six years, worth some £500M.

The LEP said in a statement: “Tens of millions of pounds would be earmarked for non-grant business funding that would be repayable and create a self-sustaining business investment fund beyond the life of the programme.

“This would recycle investment in the local economy in perpetuity and is seen as a key move away from a grant culture to a more entrepreneurial economy.”

Before the idea becomes a reality, however, it must be approved by the EU and UK government.

1 COMMENT

  1. Terrific. We have been banging the drum about this since the middle of 2010. It has taken years to get the message through but is someone starting to listen to what the business community needs?

    Think long term and leave a legacy which can benefit generations. Now to get through the approval process!

Comments are closed.