University of Lincoln - Set-up loan may be forgiven

July 3, 2008

An £8.16 million loan used to help set up the University of Lincoln is to be written off. The Project for a University for Lincolnshire Company, a charity that was created to raise funds for the university, received £4.4 million from the council 12 years ago. It was used to build a flyover and the first phase of the university's city centre campus. As the interest accrued, the debt expanded to £8.16 million. According to the Lincolnshire Echo, Dave Simpson, the council's financial adviser, said: "The council is working with the charity to resolve this issue and it is hoped a resolution will take place in the current financial year, resulting in the write-off of the loan." A university spokeswoman said the figures quoted do not relate to any commitments or loans held by the University of Lincoln.

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