Dear Member / Friend of HHCC
As you will be aware, we are close to finalising the final funding figures to allow the re building to commence. However, we are in the region of approx. £30,000 short of our anticipated target
We have the opportunity to take advantage of an Interest Free loan from the ECB for a period of up to 5 years, but obviously they require a guarantor, so that in the unlikely event that we are unable to repay the loan, they will require recompense. We have put together a budget for the next 5 years and believe we will comfortably cover the repayments, but we have to plan for the worst.
ECB have indicated they will accept one name for the full amount of the loan, but are happy for us to spread the financial burden of that cost between a number of our members, all underwriting the cost from the main / lead guarantor.
So we are asking our membership for “volunteers” to offer to assist in guaranteeing the repayment of any monies due, if we do default on the loan. Obviously, the more members who come forward the less would be required from each member. So if you would be prepared to help the club in this way, then please contact me, either via email or the numbers below stating the amount you would be prepared to guarantee. Ideally we are looking for 30-60 offers of £1000 to £500 each. I would like to stress that the club committee has approved the loan in principle and are confident that we have the means to meet the repayments over the five years, so we hope the risk to individual guarantors would be minimal, but we have to go through this process (and volunteers need to understand the risk they are undertaking) in order to secure the loan. For further clarification, can I also confirm that YOU DO NOT NEED TO PART WITH ANY MONEY. The amount you offer to guarantee would only be payable in the unlikely event that HHCC defaults on the loan. All you would need to do is sign a binding agreement to that effect.
Thank you all for taking the time to read this. I would be happy to answer any queries should you have any.
President and Treasurer
Hampton Hill Cricket Club
Tel: 020 8755 3048 (H) 020 7163 3037 (W)