The Hertfordshire County Cricket Association are pleased to announce they are now offering Hertfordshire Primary Affiliated Cricket Clubs the opportunity to apply for loans to help fund projects to improve their Club's facilities.
The Guiding Principles for the loan are:
1. Aim of the HCCA Loan Scheme
To provide finance for capital projects which help to improve cricketing facilities in clubs in Hertfordshire
2. Eligible Projects
Capital projects for pavilions, practice facilities, scoreboards, sight screens, ground equipment and specific cricket ground improvements
Loans cannot be used to retrospectively fund projects or for general maintenance of equipment or facilities
3. Amount of Loan
Loans up to £25,000 with a repayment period of up to 5 years
HCCA will not make a loan in excess of 50% of the project cost
Loans will be activated when evidence is received that the work has been satisfactorily completed
4. Interest
Interest at 2% p.a. will be paid on the daily balance outstanding
5. Repayment
The first repayment will be made 30 days after the payment of the loan by HCCA
Thereafter repayment of capital and interest will be made in equal monthly installments by a bankers standing order for the period of the loan
If a club defaults on a repayment interest will increase to 5% for the default period and if club defaults for a second time the whole of the outstanding loan amount, including unpaid interest, will become immediately repayable
6. Personal Guarantors
The club must provide two guarantors who will guarantee the repayment of all monies owed by the club in respect of the loan
7. Supporting Evidence
Annual Accounts for the last three financial years
A financial business plan for the duration of the loan
Two competitive quotations
Evidence of other funding for the project
8. Approval Process
HCCA may require further information to assist in their decision making
HCCA will make their decision based on the submission of all information required from the club and based on availability of funds
In the event of an application being unsuccessful, HCCA is not obliged to give their reasons
If you are interested in applying for a loan from HCCA then please download and complete the Loan Application Form below.
James Wright
President
Hertfordshire County Cricket Association
July 2019
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