Herefordshire Council has agreed to loan £300,000, for five years, to the new university for the county.
The short term loan will support the development of the New Model in Technology and Engineering (NMiTE) university. This is in line with Herefordshire’s economic development strategy. Provision has been made for this loan in the council’s capital programme.
The loan comes with several conditions attached. It has to be used for capital funding, the council will be allowed access to all financial records and the joint university project board (JUDB) will need to approve proposals from the loan.
The JUDB will also monitor application of the loan and report on outcomes achieved from its use.
The project is expected to become a reality by 2020.