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Flemish Governments offers sport clubs low interest loans

The corona crisis has hit Flemish sport clubs hard.. In order to help the many thousands of sport clubs in Flanders survive, the Flemish Government has launched a scheme that it says provides “emergency loans with interesting terms”. 

Sport clubs have seen their sources of income dry up due to the coronavirus crisis. Supporters are not allowed so there is no income from the turnstiles and their club houses and canteens are closed so there is no income from the sale of drinks and snacks.  

All officially registered sport clubs in Flanders can, on the provision that they provide a clear financial plan, apply for a loan of up to 1 million euro from September. The money lent will be repayable over a period of up to 9 years at an annual interest rate of 1%. The clubs will be able to apply for the loan from 1 January 2021.

The Flemish Sport Minister Ben Weyts (nationalist) told VRT News that "There are clubs that are healthy as regards both their performances and their finances, but are now in serious difficulties due to the corona crisis.

"Clubs can’t easily get loans on the private market so The Flemish Authorities are providing funding to ensure that corona doesn’t bankrupt the world of sport.

“We need to ensure that the clubs are still there once the corona measures have been revoked and we all want to from all that sport”, Mr Weyts concluded.  

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