RC Stevenson Boat Loan Fund
The CYA Boat Loan Fund is named in honour of R.C. Stevenson, a long-time member of the Canadian Yachting Association and an avid sailor whose initiative and foresight helped to establish this fund.
The purpose of this fund is to assist CYA member clubs in the purchase of sailboats to be used for Junior Training.
The CYA will lend member clubs an amount equal to two-thirds of the total cost of the purchase price of a minimum of two (2) boats or a maximum of five (5) boats. The maximum loan per boat shall not exceed $5,000.
To apply for a loan, please complete the attached application form and return it to the CYA, along with your latest two years of Financial Statements. As the fund is not unlimited, loans are approved on a first-come first-served basis. We suggest you make your application as soon as possible. As this is a self-circulating fund, money is distributed as it becomes available.
The loan shall be for a two year period - without interest - but with a 4% service charge. This service charge enables the Boat Loan Fund to grow slightly each year. 50% of the loan and service charge is payable after one year and the remaining 50% of the loan and service charge is payable on the second anniversary date of the loan.
NOTE: This plan is for the purpose of purchasing training boats and ONLY fully paid-up CYA member clubs who have been in good standing for the previous two years are eligible.