Fans of English Football League club Lincoln City have launched a crowdfunding campaign aimed at raising the final £500,000 required for the development of the club’s stadium.

The Red Imps Community Trust (RICT), in collaboration with the third-tier League One club, wants to raise a quarter of the £2.3m required to add a second tier to the Stacey West Stand at the LNER Stadium and create a new home for the club’s community work. The other £1.8m has already been secured through grants.

Around £125,000 has already been raised since the bond was launched last week.

The Stacey West Investment Bond allows investors to choose an interest rate of up to 3% and terms of up to 10 years, with a minimum investment of £500.

RICT said the project will ensure sustainable progress for the club, deliver a lasting legacy and create new commercial opportunities with the potential to materially increase matchday and non-matchday revenue streams.

Rob Bradley, elected supporter director of the RICT, said: “The scheme will ensure the development is financed responsibly in a way that is attractive to investors, while strengthening our place in the community and continuing to honour the past.

“It will also ensure our club has the potential to increase matchday and non-matchday revenue thereby contributing to the future financial sustainability of the club we love.

“This is an exciting scheme for us all to be a part of in line with the ongoing ambition of Lincoln City Football Club and we urge you to support its success and consider its benefits as an investment opportunity.”

Should the funds be secured, work on the Stacey West Stand will commence at the end of 2021 and the club anticipates the new stand will be completed in the summer of 2022 ready for season 2022-23. The 10,000-capacity LNER Stadium’s capacity would increase by 1,500 through the second tier.

Lincoln City chief executive Liam Scully added: “I’d like to thank the Red Imps Community Trust for their leadership on this project, which is another key step in the development of the club.

“Expanding the Stacey West Stand will enable us to really push our educational and community offering through the Lincoln City Foundation, while also creating more opportunities for us on matchdays.”