APPLICATION TO THE PUBLIC WORKS LOAN BOARD

Aston Clinton Parish Council is notifying the Community that it is applying to the Public Works Loan Board for a loan of £150,000 (over the term of 10 years) in order to facilitate cashflow/a temporary funding shortfall in relation to the building project for the new Community Centre. This has been made necessary as a result of a slight delay in receiving some of the grant funding due to Covid 19.

Figures are currently being worked on, but at this stage it is expected that the cost of this loan will be:

Current Interest Rate: 1.97%

Cost of Borrowing: £16,783

Total Repayment: £166,783

Please note that there are no plans to increase the Precept (part of the Council Tax that the Parish Council receives from residents) in relation to the repayment of this loan, as all repayments will be made from GRANT MONIES that have been allocated to the Council from Bucks Council S106 funds. If these funds come in on time, there will be no need to draw down on the loan. However if they do not, it is expected that the Parish Council will be able to make a full repayment of the loan within 1 or 2 years from inception (including interest payments) from the grant monies received.

If you have any further questions, please contact the Clerk to Aston Clinton Parish Council on 01296 631269 or [email protected]