RRCA Microfinance Fund

At the 2008 Annual Banquet of the RRCA, outgoing president Bee McLeod and her husband Goody Tyler presented the RRCA with a contribution to establish the RRCA Microfinance Fund.

The RRCA Microfinance Fund will provide small annual loans 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 numbers, cups, etc. are not eligible for funding through the RRCA Microfinance Fund.

The Microfinance Fund will provide small annual loans ($1000-$5000) for a total of $20,000 or up to 10 loans in the first year to qualifying nonprofit running clubs as determined by the loan selection panel.

Criteria for Receiving a Loan

• A club must be a 501(c)3 organization either through the RRCA or directly with the IRS.
• A club must be a member of the RRCA and in good standing (dues paid, bylaws on file).
• Clubs must be in good standing financially, and they must submit a copy of their previous years. financial statements or 990.

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 (word doc)

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.