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Post by parkhead98 on Jun 16, 2020 15:13:23 GMT
www.bbc.co.uk/sport/football/53065126The Scottish FA has agreed a deal with merchant bank Close Brothers enabling SPFL clubs to apply for loans amid the financial pressures of Covid-19. President Rod Petrie has been searching for alternatives to high-street banks, which are reluctant to get involved in football lending.
He has written to SPFL teams outlining the partnership with Close Brothers. The merchant bank, which manages more than £13bn of assets, will make two types of loan available.
For clubs with a turnover below £45m, the Coronavirus Business Interruption Scheme (CBILS) is 80% backed by the government and offers loans up to £5m.
Alternatively, clubs access funding of up to £5m through "more traditional lending routes" of loan, hire purchase or lease. "It is hugely beneficial that such a respected lender is prepared to engage with clubs to support them during this challenging period for Scottish football," said an SFA spokesperson.
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