Colchester's new stadium could be completed by the end of 2007 after the town's council approved funding.
Colchester have been given a completion date of December 2007
At a meeting on Monday, the council agreed to borrow the finance needed to build the 10,000-seater Community Stadium at Cuckoo Farm.
"They said there was no turning back now," said Colchester chief executive Marie Partner.
Chairman Peter Heard added: "There is a proposed completion date of December 2007 which we're hoping to keep to."
He added: "It's extremely important to be in the new stadium as soon as possible if we're going to compete with the bigger stadia in the Championship."
The Us have been playing at their 6,200-capacity Layer Road ground since 1937, taking over from previous occupants Colchester Town.