British Skydiving Council recognises that some PTOs are under immediate threat to their survival because of cashflow difficulties.
Council is determined to do the right thing for our membership and our sport.
After discussion with a number of PTOs at its third special virtual meeting this afternoon, Council has offered a two-part aid package available to Affiliated PTOs:
- Grants (not repayable): In accordance with the ethos of the Drop Zone Defence Fund (DZDF), which was established to help Drop Zones under an existential threat by matching their defence costs pound for pound, Council has matched the £35,000 in DZDF from the voluntary donations of British Skydiving members, with an equal amount of £35,000 from British Skydiving funds, to create a pot of £70,000. This is immediately available, on application, to PTOs in most urgent need of an emergency cash injection. Grants of up to £5,000 per PTO are offered. Applicant PTOs are asked to provide details on how the grant will be applied so Council can follow due diligence and be assured that the money will be used to help to secure the survival of a facility at which members will be able to continue to jump once our sport is able to resume.
- Interest-free loans (repayable): Having already agreed last week to offer a loan facility to provide longer-term financial support, Council today agreed that loans to PTOs should be offered at zero per cent interest. The loans are to provide longer-term financial support are available on application, to PTOs that are constituted as private limited companies. As with grants, the loans are designed to help to assure the survival of key Drop Zone facilities around the UK at which members of British Skydiving can continue jump once our sport is able to resume. Loan agreements will include sympathetic repayment terms designed to help to assure the long-term survival of the Drop Zone. Loans will be subject to due diligence and security and will be set out in a straightforward written agreement for which British Skydiving and the applicant PTO will share the legal costs equally.
Craig Poxon, Chair of Council, said “Council believes this package of emergency financial assistance to Drop Zones that are in the most urgent need, where their existence is threatened, is doing the right thing for our members and our sport. Council will continue its weekly video meetings, each Saturday afternoon, to meet with our Affiliated PTOs and help us all to come through this together.“