Folk2Folk has announced it will help provide finance for a 6,000-seat stadium in Cornwall.

The South West peer-to-peer lender is backing the Community Stadium which will be situated near Truro, to become home of the Cornish Pirates and Penwith College.

Folk2Folk provided a multi-million loan to help kick-start the project and acquire the land for the development which will also see 1500 new homes, a school and employment land.

Jane Dumersque, CEO of Folk2Folk, said they were delighted to have played a part in giving Cornwall the chance to have its own stadium.

“At Folk2Folk supporting local initiatives is exactly what we aim to do, helping to get projects we believe in get off the ground and running,” said Jane.

“So many will benefit from the construction of a Cornwall Stadium – and we hope that we will be able to support many more projects, no matter how big or small, in Cornwall and beyond, to give regional businesses the real chance they deserve.”

Inox Group, the developers of the project, were able to acquire the land and Managing Director, Rob Saltmarsh, said Folk2Folk had proven to be an excellent and reliable source of funding.

“Their ability to match local investors with local investment opportunities is invaluable and they have been a key component in enabling the multi-use development,” said Rob.

“We are very pleased to be working with Folk2Folk and helping to provide new and exciting opportunities for the community of Cornwall and the wider South West region.”

Folk2Folk has so far introduced over £60m to local enterprises and businesses.