To the membership:
The NCESA Board of Directors has decided to make available low interest
loans to Regular Members, who own an E-Scow and regularly participate in
local fleet racing, of up to $1500 to help defray the costs of
conversion.
The Officers and Board are concerned with the cost burden required to
convert E-boats to the new A-sym configuration. This is especially true
with older boats where the cost to convert, plus a new sail, may
approximate a significant percentage of the current value of a boat. We
do not want to lose any participants in our Class due to the economic
realities of conversion.
Recently Doug Love donated $25,000 to the NCESA to be distributed as a
grant to younger sailors to help with asymmetrical spinnaker
conversions. This NCESA loan program, with similar qualifying
guidelines, is in addition to the grant program and is available to
sailors of any age.
Borrowers will be required to sign a promissory note to NCESA. The
payment schedule for the loans would be $100 per month until the
principle and interest is paid. The loan interest rate is the current
Applicable Federal Rate of 1.85% per year.
A total of $30,000 has been allocated to this loan program. Funds will
be available on a first come first serve basis under the following
criteria:
-
Any
borrower must be a Regular member of the NCESA during the loan
period.
-
They
must own a E-boat and be a regular competitor in their local fleet.
-
Loans
to any one boat, or group of owners that own one boat, is limited to
up to a maximum of $1500.
-
Request
for a loan should be made to local fleet representative, who will
forward the request and a recommendation that includes commentary of
perceived need, merit and local fleet participation to a regional
NCESA Board Member who will be asked to provide their commentary and
/or support.
-
These
will be forwarded to the Finance Committee for processing
-
Each
borrower must sign a note in favor of the NCESA .
-
Loans
will be made on the recommendations merit on a first come first
serve basis as long as the money lasts.
-
Any
loans proceeds will be paid directly to a part supplier, installer,
or sail maker to defray the cost of the A-sym parts, conversion, or
an A-sym sail.
-
We
would ask that a recipient attend at least one of major regattas
each for the next two years. Those regattas being:
-
Nationals
-
Easterns
-
Western Michigan
-
E-Invitational
-
Inlands
-
Easter Regatta Charleston
-
Geneva Spring Regatta
Thank You,
Rick Turner CH-6
NCESA Commodore
