Financial News

  • 3 January 2014, 9:25

Tour De France Lending Boost For Yorkshire

The tourism chief who brought the 2014 Tour de France to Britain says a major high street bank is relaxing its lending rules so businesses can take advantage of the visitors the race will attract.

With six months to go before the world's biggest annual sporting event arrives in Yorkshire, Gary Verity, head of Welcome to Yorkshire, said the bank has promised him it will back tourism businesses.

"The first high street bank has now said to us that they are going to relax their lending criteria for tourism businesses in Yorkshire because of the opportunities that they can see the TdF presents," he said.

"They're now saying to their credit department: Look through a different set of criteria, a more favourable set of criteria, when lending to tourism businesses so that they can expand and refurbish as appropriate."

Mr Verity said the bank, which he declined to name, will announce its new lending push early in the New Year so that businesses can take advantage of publicity surrounding the race.

It is claimed three million people could travel to watch the first three days of racing between Leeds and Harrogate, York and Sheffield and Cambridge and London.

Yorkshire won the right to host the Grand Depart on July 5 with consultants estimating the worldwide TV coverage could give the region's economy a 100m boost.

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