(441) 292-5570
48 Church Street, Hamilton Bermuda
Contact Us
In the Press
Join Mailing List
Book an Appointment
0 Search
48 Church Street, Hamilton Bermuda
292-5570
Contact Us
Book an Appointment
Become a BEDC Member

Sports Club Micro Loan

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.

A Few Details
Who Can Apply?
What You'll Need
How Do I Apply?

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
  • Uniforms
The details of the Sports Club Micro-Loan program are as follows:
Unsecured Loan
Approved loans are unsecured, in other words, without the need for collateral. As BEDC will be providing an unsecured credit facility, all loans will be thoroughly vetted and if granted, will be structured in ways to enable approved applicants to successfully fulfil their loan obligations.
Repayment Terms
Repayment terms up to 60 months
Approval
Application final approval is made by the BEDC Executive Director.
Credit Check
Credit check fee – $50 payable at application submission
Processing
Applications are processed by the BEDC Officers.
Processing Time
Applications are processed by the BEDC Officers and all funds are loaned from BEDC to the client directly. BEDC processing, approval and disbursement takes place within 20 business days from receipt of full application with all required documentation.
Sports Clubs Outside of the Economic Empowerment Zones:
Interest Rate
2.5% interest rate
Application Fee
Application fee – $200 or 2% of loan whichever is greater; payable at application submission
Sports Clubs within the Economic Empowerment Zones:
Interest Rate
2% interest rate
Application Fee
Application Fee – $150 or 1.5% of loan whichever is greater; payable at application submission

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.

Bank Statements
Client to supply 6 months of bank statements.
Financial Information/Cash Flow Statement
Required to submit at least the last 12 months of financial information on template form if an existing business. Required to submit 12 months of Cash Flow Projections.
Cash Flow Statement Template
Business Plan or at minimum Business Profile
Clients must provide information about the history and future of the business on a prepared template. Clients are also asked to provide any signed contracts and/or agreements to support the loan amount. Please fill out the template below.
BEDC Business Profile Template
Location of Business
Submit documentation to attest to the location of the club (i.e. lease, etc.) and where any permissions or licenses are required, please submit copies. If you are an executive, please provide some documentation of where the club is located.
Meeting with Executives
An Officer will meet with executives from the club to discuss the details of the application and gain further insight into the club.
Once Approved
Should the club be approved, an executive will be required to sign a BEDC Loan Agreement as well as a Standing Order Agreement with the club’s bank to ensure payments to BEDC are automatically deducted.
Disbursments
Upon approval, the loan funds will be dispersed into the club’s supplied bank account. The loan proceeds will be disbursed within 2 days after the approval. After payment of all loans, BEDC then schedules the first follow up meeting with executives from the club to take place within 2 weeks of the date of dispersed funds. The Officer will check in bi-monthly with the club by phone and meet with executives every month for the first 6 months and then quarterly for the life of the loan.
1
Register Your Business
Visit the BEDC Member Registration page to fill out your business profile. Completing this form to the best of your ability will help us to better service your needs.
3
Log-in to Our Business Portal
Once you have received your BEDC Member #, Business Register #, and Vending License # (if applicable), please take a moment to log in to your new BEDC Member Account via the BEDC Member Portal. You can now apply for BEDC products & access our resources.
5
Processing Application
Once your application is submitted, it will be reviewed by our administration team for completeness and then forwarded on to an officer for processing. At this time the officer assigned to your case may ask you to provide further details or clarification in reference to your application.
2
Submit Business Profile
Submit your Business Profile. Once you hit submit, one of our officers will vet your information and add it to our register. You will then be given your BEDC Member #, Business Register #, Vending License # (if applicable). This can take up to 2 business days.
4
Submit Application
Navigate to Sports Club Micro-Loan Form in the BEDC Member Portal. Fill out the application form, supplying us with all information and documents required. Before beginning your application, please take note of the product checklist that outlines all information needed in order to process your application.
6
Application Approval
After your application has been processed, it will be submitted for approval. If your application is approved you will be notified, the product will be issued to your account and funds will be disbursed (if applicable). *Applications will be processed within 15 business days of BEDC receiving of ALL necessary information and requirements.
Register Business
Log-in To Portal
Close
Search

Hit enter to search or ESC to close

Your shopping cart

Cart

cookie By using this website, you agree to our cookie policy. Close