The Greater Local Enterprise Partnership has made its first award of £2.9 million to support a major Mablethorpe development.
This infrastructure loan scheme has sourced the money from the organisation’s £9 million Invest and Grow Fund and has been loaned to the Lindum Group for its multi-million pound Golf Road project in the town.
Paul McSorley, Lindum board director leading the project, said: “There is a huge investment in infrastructure required to release the various elements of the scheme.
“We are extremely grateful to our local LEP for their assistance in funding this work and helping facilitate long term growth and employment in the area.”
The development represents a major investment in Mablethorpe and includes 180 homes, restaurant, care home and a Tesco supermarket at the 30-acre site.
Overall the scheme will create 530 jobs, and bring in a further £6.5 million private sector investment.
The loan fund, which is part of the national £500 million Growing Places Fund, aims to help drive forward the economy by offering loans to cover infrastructure costs.
These could be developing an existing building complex, bringing a redundant building into economic use or creating infrastructure routes to open up land for further economic development such as housing or employment.
Ursula Lidbetter MBE, chair of the Greater Lincolnshire LEP added: “We are thrilled to award the first loan of £2.9 million to Lindum Group for their development in the Mablethorpe area.
“We will see jobs created, cash injections to businesses and an improvement to the housing stock.
“The fund represents the chance for businesses and organisations to progress with projects and help to realise ambitions, grow the local economy and create job opportunities.”