Unity Trust Bank in partnership with WCVA (Wales Council for Voluntary Action) has launched a loan fund for charitable organisations in Wales to support building infrastructure projects.
The WCVA Loan Fund aims to make it easier for charitable organisations in Wales to work together on building infrastructure projects to cut costs and share resources. It is hoped that the fund will stimulate the creation of syndicates of charitable organisations working together in communal business centres.
There is a total of £30 million in the loan fund which will be released over five years at £6 million annually. Loans will range from £250,000 to £5 million.
Rates are negotiable on a case-by-case basis, but typically will be Base Rate plus 2.25% with a minimum rate of 4%. Fixed rates are available for up to five years.
Applicants are advised that a 1.5% arrangement fee will be payable on acceptance of any loan offer.
Loan offers will generally be made up to the value of 75% of the property, but greater loan-to-values (LTVs) will be considered where there is sufficient security.
Repayment periods of up to 30 years are available.
Charities and voluntary organisations may apply as long as they are WCVA members.
(Source: Grant Finder)