Loughborough was invited by the government to bid for Town Deal funding in 2019.
Town Deals aim to regenerate town centres, boost businesses and improve infrastructure and connectivity. In total, 100 places around the country have been invited to bid for funding.
A Loughborough Town Deal Board was formed and involves representatives from Charnwood Borough Council, Loughborough University, Loughborough College, Love Loughborough, Leicestershire County Council, the Leicester and Leicestershire Enterprise Partnership, Charnwood Together Economy and Skills Group, local businesses and Loughborough MP Jane Hunt.
In October 2020, the Board submitted an initial bid. Following feedback from the Government, a revised bid was submitted in early 2021.
In June 2021, the Government announced Loughborough had been offered a Town Deal worth £16.9 million.
Loughborough Town Deal is supporting 11 projects in Loughborough which will improve skills, help regenerate the town and support the visitor economy.