lewisma9 at pilot.msu.edu
12-31-1969, 07:00 PM
<x-flowed>EUROPEAN UNION SUPPORT FOR NEW LOCAL SCHEME
A pilot loan scheme that provides help for community enterprises and
voluntary organisations is about to be launched formally in Birmingham.Run
by the innovative Aston Reinvestment Trust (ART), the Key Loan Fund will
make loans to projects throughout the city that are unable to access
finance from conventional sources, like the banks.
The aims are to:
¨ Enable easier access to loan finance.
¨ Complement other financial providers where appropriate.
¨ Develop a culture that promotes opportunity for social investment.
¨ Promote sensible borrowing for community enterprises and voluntary
organisations where income or grants fall short.
Loans will range from £2,000 to £40,000, and cover up to 75% of costs that
may, for example, include asset purchases or even working capital to assist
cashflow. ART generally works on commercial terms, but with this fund there
are features that help to reduce costs. Importantly, ART commits to staying
close to borrowers throughout the life of the loan, and giving advice and
support where necessary.
Two loans have already been made:
Employment Needs Training Agency (ENTA)
provides training opportunities for the most disadvantaged groups including
homeless, mental health patients, school exclusions, and those suffering
from sensory or physical difficulties. This loan is mostly for
refurbishment of the on-site community café.
Betel of Britain
- a Christian registered charity that rehabilitates currently around 30
people recovering from addiction through work based programmes including
gardening, furniture renovation and retailing from house or office
clearances. There are shop outlets in Yardley Wood and Stirchley. This loan
has financed the acquisition of two new vehicles.
ART has needed to raise its own funds to match the European funding. This
is achieved through a combination of initiatives, but it is primarily a
member based organisation that is open to individuals and businesses who
can invest any amount between £250 and £20,000 for the benefit of
Birmingham citizens. New investors are always welcome.
KEY LOAN FUND - FACTS & FIGURES
It's for:
Amounts between £2,000 - £40,000
Up to 75% of the overall investment
Terms and conditions:
Capital repayment holidays available for up to 12 months
Repay between 6 months and 10 years
Interest at 1.25% above bank base rate
Arrangement fee of 1% at outset
Annual Monitoring fees at 1%
ART Membership of £250 needed, but can be added to the loan
Ongoing Relationship Management to support and stay with you
FOR MORE INFORMATION ON ART
Contact: Steve Walker or Martin Allcott
Telephone: 0121 359 2444
Fax: 0121 359 2333
E-mail: reinvest@gn.apc.org
Web: http://www.reinvest.co.uk
Mail:
Aston Reinvestment Trust, FREEPOST MID 16184, The Rectory, 3 Tower Street,
Birmingham B19 3UY
</x-flowed>
This post transferred from the cdb-l mailing list
A pilot loan scheme that provides help for community enterprises and
voluntary organisations is about to be launched formally in Birmingham.Run
by the innovative Aston Reinvestment Trust (ART), the Key Loan Fund will
make loans to projects throughout the city that are unable to access
finance from conventional sources, like the banks.
The aims are to:
¨ Enable easier access to loan finance.
¨ Complement other financial providers where appropriate.
¨ Develop a culture that promotes opportunity for social investment.
¨ Promote sensible borrowing for community enterprises and voluntary
organisations where income or grants fall short.
Loans will range from £2,000 to £40,000, and cover up to 75% of costs that
may, for example, include asset purchases or even working capital to assist
cashflow. ART generally works on commercial terms, but with this fund there
are features that help to reduce costs. Importantly, ART commits to staying
close to borrowers throughout the life of the loan, and giving advice and
support where necessary.
Two loans have already been made:
Employment Needs Training Agency (ENTA)
provides training opportunities for the most disadvantaged groups including
homeless, mental health patients, school exclusions, and those suffering
from sensory or physical difficulties. This loan is mostly for
refurbishment of the on-site community café.
Betel of Britain
- a Christian registered charity that rehabilitates currently around 30
people recovering from addiction through work based programmes including
gardening, furniture renovation and retailing from house or office
clearances. There are shop outlets in Yardley Wood and Stirchley. This loan
has financed the acquisition of two new vehicles.
ART has needed to raise its own funds to match the European funding. This
is achieved through a combination of initiatives, but it is primarily a
member based organisation that is open to individuals and businesses who
can invest any amount between £250 and £20,000 for the benefit of
Birmingham citizens. New investors are always welcome.
KEY LOAN FUND - FACTS & FIGURES
It's for:
Amounts between £2,000 - £40,000
Up to 75% of the overall investment
Terms and conditions:
Capital repayment holidays available for up to 12 months
Repay between 6 months and 10 years
Interest at 1.25% above bank base rate
Arrangement fee of 1% at outset
Annual Monitoring fees at 1%
ART Membership of £250 needed, but can be added to the loan
Ongoing Relationship Management to support and stay with you
FOR MORE INFORMATION ON ART
Contact: Steve Walker or Martin Allcott
Telephone: 0121 359 2444
Fax: 0121 359 2333
E-mail: reinvest@gn.apc.org
Web: http://www.reinvest.co.uk
Mail:
Aston Reinvestment Trust, FREEPOST MID 16184, The Rectory, 3 Tower Street,
Birmingham B19 3UY
</x-flowed>
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