£350,000 loan from the

Public Works Loan Board

29 March 2010

The Parish Council has now heard that they have been successful in their bid for a loan of £350,000 from the Public Works Loan Board (PWLB) towards the cost of the new Village Hall.   The loan sanction for this bid was approved by both the Oxfordshire Association of Local Councils and the Department of Communities and Local Government in Whitehall.

Due to the currently low Bank of England Base Rate, these PWLB loans to Parish Councils are at exceptionally low interest rates at the present time.  The loan of £350,000 was agreed at a fixed interest rate of 4.58% per annum over the 25 year period of the loan.

It will be financed through twice-yearly repayments of £11,827 via the Council Precept.

Together with the award of a grant of £100,000 from WODC as well as £6,000 from Freeland Open Gardens and £5,000 from the Chill-Out Fund, the loan will enable the Village Hall rebuilding project to move to the next phase: obtaining quotations from building contractors.