DEPOSITS
• The variable interest rate is currently at 1.9%.
• The minimum deposit to open an account in the Scheme is €1,000/£1,000.
• Initial confirmation on the length of time the deposit is to be held in the fund is required. Annual updates on same will need to be provided by the club.
• Details of the Unit investing in the Fund must be provided.
• Clubs who are depositors in the Fund will be given priority consideration for a loan where demand exceeds supply.
LOANS
• Loans are available to vested GAA properties only.
• In the likely event the fund is oversubscribed, only applications for Core GAA activity will be reviewed. Core GAA activities = Land Purchase, Pitch development (Grass & Synthetic), Floodlights and Dressing Rooms.
• Only clubs ready to start works should apply. Clubs will have 6 months from the letter of offer to drawdown the loan.
• Clubs are expected to have 20% of the overall cost of the project in available funds. The value of the loan will not exceed 80% of the cost of the project.
• The cumulative maximum amount available to any one Club is €100,000/£100,000 stg. The term of the loan will be reflective on the amount sanctioned (max term 10 years).
• The interest rate applicable is a variable interest rate, currently 1.9%.
• Repayments are monthly via Direct debit/Standing Order.
• Applications will only be considered on receipt of completed loan application form with supporting documentation, a viable business plan demonstrating repayment capacity and signed guarantee from the County Board with a recommendation provided by the Provincial Council. If an application is submitted that is incomplete or missing documentation, the application will be rejected.
The loan fund is currently closed. We are not accepting any loan applications. The plan is to open on the 1st of December and close on the 31st of January each year going forward depending on the capacity in the fund.
Deposit forms should be returned by email to gaadevelopmentfund@gaa.ie