The Co-operative Bank is providing £27.5m to finance the construction and maintenance of a new 134,000 sq ft school in Blackpool.
Highfield Humanities College is one of two new Blackpool schools in a sample Building Schools for the Future scheme allowed to continue by the coalition Government.
The college will accommodate 1,200 pupils and is due to be completed in September 2012.
Highfield is being built by Eric Wright Group and will be maintained by the Preston-based contractor on behalf of Blackpool Council for a term of 25 years.
The second school in the sample BSF scheme – St Mary's Catholic College – is a traditional design and build scheme and is also due to be completed in September 2012.
Both schools have secured planning permission from the planning committee of Blackpool Council and EWG has just started work on site.
The Co-op loan was made to a local education partnership of EWG and Blackpool Council and EWG itself is also investing in the college.