Club Capital Recovery Fund
Club Capital Recovery Fund
This fund will make loans, using Club Capital investment, of between £10,000 and £50,000. The loans will provide working capital support to gymnastic clubs in dedicated facilities, to enable them to recover over the next 12 months.
- Loans of £10,000-£50,000 are possible (over £50,000 in exceptional circumstances)
- The fund is focused on clubs in dedicated facilities
- The fund will provide short to medium term working capital support to help clubs recover over the next 12 months
- Funding can be used for essential operational expenditure, such as rent and business rates, staff costs, and utilities
- Clubs need to have been financially sustainable before the coronavirus pandemic, and have a recovery plan which shows they will be sustainable over the next 12 months
- Applications need to meet the fund criteria highlighted below
There are 4 types of criteria that clubs need to pass in order to be eligible for funding:
1. Type of club
- British Gymnastics Member:
- Your club is a registered member with British Gymnastics, and continues to be for the duration of the loan.
- Based in England.
- An incorporated organisation.
- Set up as a regulated organisation such as a Charitable Company, Charitable Incorporated Organisation, Community Interest Company or Registered Societies which pursue charitable objectives OR
- Another type of incorporated organisation that:
- has a mission and asset lock;
- has restrictions on profit distribution; and
- is for public benefit and transparent
- Social impact:
- Your primary activity is the delivery of structured recreational gymnastics to children and young people.
- You use the British Gymnastics award scheme to record the progression of gymnasts through each level.
- Your club operates from a dedicated premises.
- Club growth / impact:
- Your club has the potential for additional growth or impact in the future.
2. Club financial sustainability
- Your club was financially sustainable before the coronavirus pandemic.
- Your club is at risk of not being financially sustainable over the coming months without a Recovery Fund award.
- Your club has a plan to recover to financial sustainability, which will be helped by an award from the Recovery Fund.
3. Need, elligible expenditure, and affordability
- We can award amounts between £10,000 and £50,000. Awards over £50,000 will only be made in exceptional circumstances.
- Funding can be used for essential operational expenditure, such as rent and business rates, staff costs, and utilities.
- You are able to make the capital and interest payments without putting the club under undue financial stress.
To apply for funding, in the first instance we ask you to fill out the following Expression of Interest, which contains basic information such as your club’s name and type of legal entity.
Once you have completed this document, please send it to email@example.com, with the subject header “[Club Name] – Club Capital Recovery Fund – EOI”
This will be to assess your club’s suitability for the fund. If your club are deemed eligible for support via the Recovery Fund, we will invite you to submit a full application, which will include the following documents:
- Full application form
- Financial forecast for the next 12 months
- Know Your Customer forms for Club Officers
- The last 3 years’ statutory accounts with profit and loss statements
- Proof of tenure, for example a copy of your lease
Once the full application is received, you can typically expect a decision within 4 to 6 weeks.
A detailed FAQ is available here:
If you remain unsure or have any unanswered questions, please contact us at firstname.lastname@example.org, with the email heading “[Club Name] – Club Capital Recovery Fund – General Question”