Blended grant and loan fund investing in new and improved gymnastic clubs in England
There are an increasing number of physical and mental health issues facing children and young people. Gymnastics provides structured development of physical skills at a very early age. There is currently a lack of dedicated gymnastics facilities in the UK, with approximately 0.5 million people on waiting lists. Without access to clubs, children and young people are restricted from participating in sport from an early age.
Big Society Capital worked together with British Gymnastics, Sporting Assets and Bank Workers Charity to make available £10 million in affordable loans to fund up to 150 new or improved gymnastics facilities, creating up to an additional 75,000 gymnastics places.
The Club Fund is managed by Sporting Assets and offers unsecured loans of between £25,000 to £250,000 (up to £750,000 in exceptional circumstances) to enable clubs to move into new, or expand or safeguard existing, dedicated gymnastics facilities. By blending grants from British Gymnastics (£2 million) and Sport England (£2 million) together with capital from Big Society Capital (£3.3 million) and Bank Workers Charity (£200,000), it is possible to make finance available where previously risks and costs were too high.
Fund size£10 million
Big Society Capital commitment£3.3 million
Investment typeEnterprise debt
Fund managerSporting Assets
Term9 years 3 months