Business of Curling
CURLING ASSISTANCE PROGRAM (CAP)
Updated Sept. 17, 2019
The Curling Assistance Program’s purpose is to loan money to affiliated curling rinks. The loans are to assist capital projects or renovations in respect to Bricks & Mortar.
- On approval, the maximum loan available to any one member club is $25,000. Repayment of the loan and interest is made annually with the first payment due 18 months from receipt of loan and then amortized over a maximum of six years.
- Prepayment in whole or in part is permitted, provided that any accrued and unpaid interest on the amount of the prepayment must be paid concurrently.
- Outstanding loans attract interest at half the annual rate of the Royal Bank of Canada’s (RBC) prime rate of the day, on the date of cheque issuance of the approved loan.
- The advance of a loan, in whole or in part, remains in the discretion of the Board of Governors of Curling Canada, acting on ordinary prudent lending principles.
- Curling clubs do experience major emergencies. Circumstances may produce a situation where a club wants relief from its financial difficulties. Requests for deferral of a principal payment may be given favourable consideration. Such requests should be accompanied with a detailed plan showing how the shortfall will be met. A deferral is not expected to last beyond one repayment period. Financial statements will have to be provided for the periods involved.
- There is not any deadline for application. Clubs can apply at any time noting that Curling Canada will allocate to the CAP a maximum of $125,000 in any one fiscal year and a cumulative multi-year maximum of $500,000 at any one time.
BRICKS & MORTAR FUNDING
- Bricks & Mortar loans will be awarded to applications based on capital acquisitions or renovations necessary to build the business of curling at the community level. The following are some examples of projects considered eligible:
i) Refrigeration equipment; i.e. compressors, chillers, condensers;
ii) Ice area; i.e. de-humidifiers, heaters, monitoring equipment, scrapers;
iii) Renovations; i.e. lounge areas, accessibility, bar, kitchen;
iv) New construction; i.e. new curling arenas, new lounge, another sheet of ice;
v) Curling stones; i.e. junior stones, new inserts, striking bands.
vi) Note: applications for loans are not necessarily restricted to the above.
- Bricks & Mortar loans require a commitment from the applicant of at least 50% of the total cost of the project. The applicant’s 50% portion can wholly include third party funding; i.e. municipal grants, volunteer hours committed to the project or, value-in-kind contributions (proof must be provided to the value of the non-cash commitment). For example, you may propose to replace the floor in the arena and members will remove the sand floor instead of a contractor. This is an acceptable volunteer contribution.
- The maximum grant available is $25,000. The minimum grant considered is $10,000.
- The application must include details describing how your organization impacts the sport of curling in your community. These should include:
- how you recruit new customers;
- description of how you deliver customer service;
- your membership/customer numbers in the past two (2) years; and,
- the potential for long-term success.
- Finally, your application must include rationale of how this loan will positively affect your business. Your explanation must deal in specifics with tangible examples. We will not accept a statement saying: “we will close if we don’t get the money.”
- Applications for a funding loan for the purchase of any equipment requiring ‘energy’ to operate should also include any efficiencies/savings achieved. We encourage applications that include increased energy efficiency and / or the use of new technologies.
- Applications must include:
- Copies of your last two (2) annual revenue versus expense statements one (1) page each;
- The most recent one (1) page balance sheet (organizations that are not stand-alone “businesses” i.e. curling and golf should at minimum, submit relevant, curling-specific financial information); and
- Membership/rental participation numbers.
- The application must include at least one (1) estimate from a reputable contractor/supplier per majot purchase on the contractor/supplier’s letterhead.
- The loan money will be released in full to successful applicants immediately.
- Half the prime interest rate will be added to the principal of the loan.
- That total amount will be divided by six (6).
- First payment (% of the loan + interest) due 18 months from receipt of the loan.
- Second to sixth payments:
- (a) 2nd payment: 30 months from receipt of the loan
- (b) 3rd payment: 42 months from receipt of the loan
- (c) 4th payment: 54 months from receipt of the loan
- (d) 5th payment: 66 months from receipt of the loan
- (e) 6th payment: 78 months from receipt of the loan
- Applicants with cash reserves that are four or more times the value of their request may not be ineligible to apply. For example, the Anytown CC applies for a $25,000 loan, but have $105,000 in cash reserves or investments that can be converted to cash without penalties. Anytown CC is not eligible. Exceptions could be around bigger projcts with multiple funders. If this is the case (or other possible exceptions) please contact Curling Canada before submitting.
- We will not require any collateral to secure the loan.
- Successful applicants will show the Curling Canada logo with text supporting the loan agreement on the applicant’s web site (for the duration of the loan).
- Successful applicants will agree to share their story with Curling Canada.
If you would like an accessible version of this PDF, please email [email protected].