RRCA Microfinance Fund

At the 2008 RRCA National Running Awards Banquet, outgoing president Bee McLeod and her husband Goody Tyler presented the RRCA with a major contribution to establish the RRCA Microfinance Fund.

The RRCA Microfinance Fund provides small annual loans to qualifying nonprofit running clubs as determined by a loan selection panel. The purpose of the loans is to assist clubs with purchasing capital assets such as timing systems, timing clocks, finish line equipment, and more.  Basic club or event supplies like numbers, cups, etc. are not eligible for funding through the RRCA Microfinance Fund.

The Microfinance Fund provides small annual loans ($1000-$10,000) for a total of $20,000 loaned annually to qualifying nonprofit running clubs.

Criteria for Receiving a Loan

• A club must be a 501(c)3 organization either through the RRCA or directly with the IRS.
• A club must be a member of the RRCA and in good standing (dues paid, bylaws on file).
• Clubs must be in good standing financially, and they must submit a copy of their previous year’s financial statements or 990.

Application Process

• Clubs can apply for a loan at any point during the year.  There is no set deadline for the loan application.
• Loans will be reviewed and granted by a loan selection panel appointed by the RRCA president.  The process will take approximately 30-days
• RRCA Microfinance Loan Application

General Repayment Terms

• All loans from the Microfinance Fund are re-payable to the RRCA.
• Loans may be paid in 1, 2, 3, or 4-year periods depending on loan amount.
• No interest will be charged on the loans if the loan is repaid within a 12-month period of time. After 12 months, the loans will have an interest rate of 3% on the outstanding balance of the loan.
• Loans will be paid quarterly. The RRCA will send an invoice to loans each quarter.