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 Jun 1 Microfinance Loan Application Period OpensThe RRCA Microfinance Fund provides small loans up to $10,000 to qualifying nonprofit running clubs as determined by a loan selection panel. The purpose of the loans will be to assist clubs with purchasing capital assets such as timing systems, like the Ipico system, timing clocks, finish line equipment, and more. Basic club or event supplies like race numbers, cups, etc. are not eligible for funding through the RRCA Microfinance Fund.• A club must be a 501(c)3 organization through the RRCA group exemption or directly through the IRS (must submit proof if nonprofit status if directly through the IRS). • A club must be a member of the RRCA and in good standing (dues and insurance paid in full annually) • Clubs must be in good standing financially, but have a need for capital investment assistance. • The club must submit a copy of their previous 2 years of financial statements along with a copy of your 990 or 990EZ forms and club bylaws. Instructions: The application period is June 1st – August 31st. The club treasurer or duly designated representative should complete this application. Both the club president AND treasurer should co-sign this form, include the previous 2 years of financial statements along with a copy of your 990 or 990EZ forms and club bylaws, and send it to the RRCA National Office by the application deadline of August 31st. Mail to: RRCA, 1501 Lee Hwy, Ste 140, Arlington, VA 22209 or email to . If your club is approved for the loan, your club will required to sign a promissory note with the RRCA. Your club will also be required to submit a copy of minutes from the board of directors meeting agreeing to the acceptance of the loan and the terms outlined. The sample promissory note is attached to the application which can be found at http://www.rrca.org/services/microfinance/. Please do not complete this form as part of the application. You should review this sample before submitting a loan application to ensure that the promissory note is something your club can agree to sign if selected to receive a loan. Application Process: * Clubs will apply for the loans during a loan application period that will be announced in the RRCA News (www.RRCA.org) and emailed in Keeping Pace. * Loans will be applied for using the standard RRCA forms within the stated application period. Loans received outside of the period will not be considered. * Loans will be reviewed and granted by a loan selection panel appointed by the RRCA president and co-chaired by Bee McLeod and Goody Tyler. * RRCA Microfinance Loan Application can be found at http://www.rrca.org/services/microfinance/. General Repayment Terms: * All loans from the Microfinance Fund are re-payable to the RRCA. * Loans may be paid in 1, 2, 3, or 4-year periods depending on loan amount. * No interest will be charged on the loans if the loan is repaid within a 12-month period of time. After 12 months, the loans will have an interest rate of 3% on the outstanding balance of the loan. * Loans will be paid quarterly. The RRCA will send an invoice to loans each quarter. For additional questions about applying for an RRCA Microfinance loan contact Jean Knaack at . ###
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