Horserace Betting Levy Board

The Horserace Betting Levy Board (HBLB) is opening a new window for capital projects loan applications from racecourses on 11 August 2025.  The window will close on 6 October 2025.

Loan applications will be separate from, and in addition to, the existing window for weighing room upgrade applications which is open until 31 March 2026.  

Loans for this new window will be under the existing terms and conditions. 

A summary of the application and assessment process is also 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 50% of the total project cost. Where an application has clear and maximum merit a discussion can be had about increasing this but not to higher than 75%. However, the total 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 require 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 up to 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 (this was reduced to 4.0% by the Bank of England on 7 August 2025). 

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. These will be assessed internally and then 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