Overview
Queen City Yacht Club has initiated a project to invest in the remediation and renovation of the Rapids Queen breakwall. To support this initiative, members are invited to participate in a loan program, offering a unique opportunity to contribute directly to the club’s long-term success while earning a modest return.
Why Member Loans?
- Community Investment: Keeps funding within the club, strengthening member ownership.
- Lower Costs: Avoids high-interest external financing.
- Transparency: Members have full visibility into how funds are used.
- Returns: Members may receive interest or other benefits in return for their support.
Loan Terms
- Minimum Loan Amount: $1,000
- Maximum Loan Amount: $100,000
- Interest Rate and Duration: 5 years at 3% or 10 years at 4% annually (interest rates subject to change)
- Repayment Schedule: Annual repayments beginning in the summer of 2027 with simple interest payments.
How It Works
- Review the Project Plans
Members can access detailed documentation outlining the scope, timeline, and budget of the infrastructure project here.
- Submit a Loan Pledge
Submit your loan pledge via email to secretary@qcyc.ca and treasurer@qcyc.ca indicating your desired loan amount and preferred repayment terms.
- Loan Agreement
Once approved, you'll receive a formal agreement outlining the terms and repayment schedule. See below for links to document drafts. Execution of the agreements will be managed through DocuSign.
- Fund Transfer
Transfer funds via eTransfer, cheque, or wire.
- Project Updates & Repayment
Receive regular updates on project progress and timely repayments as per the agreed schedule.
Risks & Considerations
- Loans are not insured and carry some risk.
- Repayment depends on the club’s financial health and project success.
- Members should consult with a financial, tax and legal advisor.
Loan Program Documents
Loan Agreement Template Loan Terms & Conditions Loan Program FAQs
Get Involved
Ready to support the future of our club?
Submit Your Loan Pledge by email to secretary@qcyc.ca and treasurer@qcyc.ca
Project Overview can be found here
Questions? Contact us at secretary@qcyc.ca or vicecommodore@qcyc.ca
