CA Emergency Assistance to Full Member Clubs in Financial Difficulty
The CA has established the "CA Emergency Assistance Fund" to assist Full-Member Clubs in the most serious financial difficulty in these testing times, those that expect to be unable to pay bills as they fall due in the foreseeable short-term (i.e. for the six months or so) through to the end of the season because of the COVID-19 pandemic. The purpose is to prevent the closure of an existing club because of unforeseen financial demands which cannot be met from the clubs own resources.
Outline of Key Details
- General terms: unsecured interest-free loans of three years duration (no repayment due on the first anniversary, 50% on the second and 50% on the third).
- All Full-Member Clubs are eligible to apply.
- Qualifying criteria: based on expected inability to pay bills as they fall due.
- Awards will be made only to clubs believed to be otherwise financially viable.
- There will be a moratorium on Development Grants and Loans for the remainder of 2020 (those already approved are unaffected).
- Initial Sum of £50,000 in total to be made available.
Any club that believes that it might need to apply for a loan from the fund should in the first instance advise incoming CA Hon 'Treasurer' Ian Burridge that it may need to do so, with an indication of the likely sum required. This is not part of the formal application process, rather the planning process for the development of the scheme and further support that it might be possible to offer clubs.
Details of the formal application process will be announced shortly but will require the submission of two years' annual accounts, a cash flow forecast and a plan indicating why a loan is necessary for the club to survive, and the level of funding required.
A committee will be established to award the available funds appropriately and in a timely manner. Once established, it will publish full details of the application process and criteria.
Roger Staples, Jonathan Isaacs
Chairman Exec Board Chairman Council