|
|
|
|
What is the money to be used for? It will mainly be used to buy the initial stock, but money is also needed for other start-up costs such as insurance and to provide a balance in the bank to pay bills as they become due. How much is needed? Around £5000 will be enough to see the shop open as a general store, and a further £1000 if newspapers are to be stocked. Any amount from £10 upwards will be welcome from an individual or business, either as a loan or a donation. What if the shop does not open? Loans and donations will be repaid in full if the shop does not open for any reason. Will the loans definitely be repaid? After the shop is open, there is no guarantee that all money loaned will be repaid. However the Management Committee will make every effort to repay loans when it can afford to do so. It is not possible for any individual loan to be repaid on demand. All loans have to be treated equally. When do you expect to repay loans The Business Plan anticipates that around half the amount of each loan will be repaid at the end of the first year’s trading, with the remainder during the second year. Will interest be paid? There will be no interest paid on loans. The rules of the Community Business do not allow any interest or dividends to be paid. Can a loan be turned into a donation? At the time when the loan is offered for repayment, you will be able to allow it to be retained by the shop as a donation if you wish. Are there any perks or privileges? Not many! Anyone making a loan or donation will become a member of the Association at no cost (this will normally be £1). Apart from that, the reward is simply in knowing that you have helped get the shop re-opened in Bradwell. |
|
|
