Lloyds bank supports new technology centre with £4.1 million funding deal
Exeter College has secured a £4.1million finance package from Lloyds Bank's Wholesale Banking and Markets team, to support the development of its new world class Engineering, Aerospace and Automotive Centre.
Situated on a 3.16 acre site at Cumberland Way on the eastern edge of Exeter, the new £8.3million pound technology centre will offer workshops, laboratories and teaching space for more than 300 automotive, aerospace and engineering students aged between 14 and 19 years, as well as providing more advanced University-level courses and dedicated employer training facilities.
The building is due to open in September 2012 to coincide with the start of the new academic term, and will enable all students from the engineering, aerospace and automotive faculty to be educated together, rather than being spread across a number of sites across the City as they have been previously.
Featuring modern industry equipment, apprentices and full time students will learn advanced skills to assist in their career development across a range of industrial sectors, thereby having a direct benefit on the local engineering and manufacturing economy in the South West and the UK as a whole.
Established in 1970, Exeter College was the first tertiary college to open in the UK and currently provides further education to around 4,250 full-time and 8,000 part-time students. Exeter College has been a customer of Lloyds Bank since 1995, and has been supported by the bank's specialist education team since 1999.
Part of the £4.1million funding package from Lloyds Bank has been secured from the European Investment Bank's ("EIB") 'Knowledge Growth Fund', enabling the college to complete the construction project using discounted funding over a longer term. Lloyds Bank is one of only four banks that can access EIB capital specifically for higher or further education customers looking to undertake physical upgrading projects, such as campus redevelopment, relocation, new build, science parks and student accommodation.
Rebecca King, Deputy Principal at Exeter College said: "This new purpose-built centre of excellence for our automotive, engineering and aerospace provision will meet considerable demand for advanced industry-standard training for young people, as well as employees and employers in the region who are keen to improve their skills and keep ahead of the global technological advances.
"Lloyds Bank has been instrumental in providing the financial support needed to complete the Technology Centre development project. Having worked with the local team for a number of years they completely understand our banking requirements, bringing together a combination of existing term debt and monies from the European Investment Bank."
Ben Deverell, Relationship Director at Lloyds Bank Wholesale Banking and Markets said: "Our relationship with Exeter College has developed considerably over the last 15 years, during which time we have provided a complete core banking product range. The college has an important role in the UK's mid-market business arena, essentially acting as a skills provider to businesses that are so crucial for future economic development. This new centre will provide a world-class training infrastructure that will benefit businesses on a local level here in the South West and nationally.
"At Lloyds Bank, we recognise that education is an important sector to the economy as a whole. Our track record and expertise around the banking requirements of major educational institutions means that we are well placed to provide valuable funding for further and higher education development projects across the UK using a range of monies including EIB."