About the Sports Club Micro-Loan Program
The Sports Club Loan is a product that was created to improve the venues of the sports clubs, reduce their carrying costs, and thereby increase business cashflows.
BEDC has allocated funds to be used to facilitate small loans in amounts up to $25,000 to spor ts clubs. The BEDC will facilitate unsecured loans to qualified applicants for small projects within a larger plan.
The BEDC defines a sports club as a group of people formed for the purpose of playing sports. However, BEDC also recognizes sports clubs as meeting places where we find the company of like-minded people. We make friends, we share experiences. Valuable social networks develop through shared sporting aspirations and experiences. Clubs enable members of a community to be linked by a common bond – their participation in that club and sport. For many, forming friendships and a sense of belonging are powerful reasons to become involved and remain active in sports. Clubs strengthen communities. They are an investment, the social capital that helps build and shape our society.
BEDC has allocated $150,000 in funds to be used to facilitate small loans in amounts up to $25,000. The BEDC will facilitate unsecured loans to qualified applicants for small projects within a larger plan.
The Sports Club Loan is a product that was created in line with BEDC’s dialogue with sports clubs recently. Many clubs communicated that, due to the recent recession, such a product would be helpful to improve the venues of the sports clubs, reduce their carrying costs, and thereby increase business cashflows.
What is the purpose of the BEDC Sports Club Loan?
The Sports Club Loan is designed to assist existing incorporated LLC sports clubs with value added improvements through funding with a borrowing range in the amount of $2,500 to $25,000. Sports Clubs will have the opportunity to access funding to create revenue generating opportunities, but not limited to, in line with below.
- Clubhouse/field rental system design i.e. Part-time administrator, computer system, marketing
- Clubhouse renovations i.e. Bar/kitchen equipment, profitability improvements
- Member donor public relations i.e. Creating special donor appeals for financial gift giving
- Public/member communications i.e. Website/webmaster fees, social media, member dues collection processes
- Special revenue generating events creation i.e. Club project management, business plan development
- New equipment purchases and/or public rentals
- Legal fees for creation of new Club structure i.e. Incorporation of new profit entity
- Skills development training for coaches, administration staff and management committee members
- Parking, security system, bathroom, changing room, interior/exterior lighting upgrades
- Match facility upgrades (pitches, courts, swimming pools, rings, etc)
- Public seating improvements
The details of the Sports Club Micro-Loan program are as follows:
Sports Clubs Outside of the Economic Empowerment Zones:
Sports Clubs within the Economic Empowerment Zones:
The Sports Club Loan product is available to all incorporated LLC sports clubs island wide, including those located in a designated Economic Empowerment Zones.
Please ensure that you have reviewed the checklist below and have all the necessary information needed to apply.Complete and compile all information below, BEFORE filling out the application.