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7th August 2020, 08.57:48 | #1-0 (permalink) |
Due a Testimonial
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WST AGM - Resolution D. Accessing Government Coronavirus Support
RESOLUTION D Proposed by the Society Board “The Society resolves that immediately following the Annual General Meeting the Society Board is authorised to approve that Wrexham AFC Limited can participate in the bounce bank loan facility of up to £50,000” Background information: The UK Government has introduced a range of financial measures that enables business to access finance more quickly during the coronavirus outbreak The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The approximate turnover of Wrexham AFC Limited is £2 million and this would allow Wrexham AFC Limited to borrow the maximum £50,000 The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year The loan can be for a maximum of six years If paying back over the six year period then the approximate loan repayment would be £900 per month after 12 months The total repayable is estimated to be £53,200, a total interest charge of £3,200 but we have the ability to repay earlier without any penalty It is likely that we will incur additional start up costs by introducing social distancing measures and a catch up of various inspections require to operate our safety certificate and this loan would allow the club to spread the cash flow impact of this over six years, with no repayment in the first 12 months The application for the loan would be made via Lloyds Bank This resolution is an ordinary resolution and requires 51% of members to support it for it to carry. |
7th August 2020, 08.59:44 | #2-0 (permalink) |
Due a Testimonial
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Re: WST AGM - Resolution D. Accessing Government Coronavirus Support
I'm guessing it's simply planning for worst case scenario should we really run out of money - not that we know how much money we have of course as we're still waiting to be told!
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