Folk2Folk, the Launceston-based peer-to-peer (P2P) lender, introduced funding to help kick-start the mixed-use development project that will help facilitate infrastructure for the Stadium for Cornwall project.
Folk2Folk introduced a multi-million pound loan, its largest to date, which helped kick-start the wider Langarth Farm project and enabled developer Inox Group to acquire the land and to make a reserved matters application in preparation for building work commencing.
The development is expected to create hundreds of new jobs and includes 1,500 new homes, a school, employment land and the adjoining stadium.
Last month, Cornwall Council supported plans for a retail site – or ‘enabling scheme’ – designed to pay for the stadium, which already has planning permission.
Jane Dumersque, chief executive officer of Folk2Folk, said: “We are absolutely delighted to have played a part in giving Cornwall the chance to have its very own stadium.
“At Folk2Folk supporting local initiatives is exactly what we aim to do, helping to get projects we believe in get off the ground and running. So many will benefit from the construction of a Cornwall Stadium – and we hope that we will be able to support many more projects, no matter how big or small, in Cornwall and beyond, to give regional businesses the real chance they deserve.”
Inox MD, Rob Saltmarsh, added: “Folk2Folk have proven themselves to be an excellent and reliable source of funding for large projects such as this.
“Their ability to match local investors with local investment opportunities is invaluable and they have been a key component in enabling the multi-use development. We are very pleased to be working with Folk2Folk and helping to provide new and exciting opportunities for the community of Cornwall and the wider south west region.”