Horserace Betting Levy Board

The Horserace Betting Levy Board (HBLB) is opening a new window for capital projects loan applications from racecourses on 2 September 2024.

The window will close on 14 October 2024. Loan applications will be separate from, and in addition to, the existing window for weighing room upgrade applications.  

In addition to the 2024 window, a second window – also for non-weighing room capital projects – will be opened on 4 August 2025. This window will close on 29 September 2025. 

Loans for both windows will be under existing terms and conditions, set out below. 

A maximum amount of £2m will be made available for the 2024 window, which takes into account the likely levels of applications based on informal indications received from racecourses to date. The HBLB Board will review the overall financial situation in July 2025 to set an amount for the second window. 

A summary of the application and assessment process is set out below. 

Terms and conditions 

HBLB is inviting applications for loans for capital projects. 

Loan applications can be from £50,000. There is no upper limit on the amount that can be applied for to support a capital project. The maximum loan granted for a capital project will be 75% of the total project cost. However, the funds made available for a loan window will be a limiting factor. The maximum loan granted per project will be considered on an individual basis using the evidence included in the application and any due diligence carried out. The overall amount for loans available will be subject to affordability and may have to be limited if a large number of applications are received by HBLB. 

Loans of between £50,000 to £200,000 will not be required to have the same level of detailed information as for higher value projects. Loan applications greater than £200,000 will require external due diligence by HBLB’s professional advisers. HBLB is likely to require first-ranking security against a loan for a material amount. For all loans above £200,000 HBLB will charge an arrangement fee of 1.5% of the total loan value. This can be paid by the applicant upon loan approval or added to the repayment amount over the term.

On all loans the rate of interest charged on outstanding amounts will be the prevailing Bank of England base rate at the time of approval. 

The repayment term for any loan will be between four and ten years at the choice of the applicant. Annual interest is charged at the end of each year. 

Applications will need to be submitted to HBLB’s Financial Controller and will be assessed and then be considered by HBLB’s Investment Committee. After any approval decision and completion of legal documentation a window for drawing down the loan funds will remain open for six months.  

For further information please contact Kevin Barretto, Financial Controller, at kevin.barretto@hblb.org.uk