New £250,000 loan to ease cash flow at Magna centre

ROTHERHAM’S Magna Science Adventure Centre has been given a loan of £250,000 by councillors -- the eighth time the visitor attraction has borrowed public money.

The one-year loan was approved by senior councillors in a private session at this week’s Cabinet meeting.

It will cover cashflow issues relating to the conference and events space at Magna.

It was made at commercial rates of interest and a council spokeswoman said it had not been make at the expense of services.

“The loan is being made to help one of Rotherham’s key assets, -an award-winning venture, which is both a visitor attraction and an important conference destination.”

Six short-term loans of between £70,000 and £250,000 have been repaid by Magna, usually at an interest rate of base plus two per cent.

A longer term payment of £300,000 was made by the council in 2004. It is currently being paid back at a rate of £20,000 a year — with £185,000 still owed.

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