Folk2Folk, the South West based peer-to-peer (P2P) lender, introduced funding to help kick-start the mixed-use development project that will help facilitate infrastructure for Cornwall’s very own 6,000-seat sports stadium. The community Stadium, which will be situated near Truro, will be home to regional rugby team, the Cornish Pirates, Truro and Penwith College, amongst others.
Folk2Folk introduced a multi-million pound loan, its largest to date, which helped kick-start the wider Langarth Farm project and enabled developers Inox Group, headed by Managing Director Rob Saltmarsh, 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 1500 new homes, a school, employment land and the adjoining Stadium.
Folk2Folk, one of the largest P2P business lenders in the UK, is proud to be supporting the project. The company has so far introduced over £60m to local enterprises and businesses – and is dedicated to helping support regional business development through its P2P lending business, which introduces local investors/lenders with businesses and business people looking for finance.
The new Stadium will be a huge boost to Cornish rugby as well as providing a dedicated entertainment venue for sport, music, education, conferencing, and banqueting.
Last month, Cornwall Council’s Strategic Planning Committee, supported plans for the 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.”
Rob Saltmarsh, Managing Director of Inox Group, said: “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.”