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Post by redoctober on May 16, 2023 17:21:52 GMT
I see the club have got a deal with Salford credit Union to allow supporters to effectively borrow the money from the CU (usually at a low rate from them) and pay back in instalments That’s a great piece of work. Two Salford institutions working together 👏 What’s great is that it’s one cooperative helping another cooperative be created. Salford Credit Union is a not for profit cooperative owned by the savers. Also provides a method for investing similar to direct debit. I’ll be topping up my initial share through this credit union partnership |
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Post by BDD on May 16, 2023 18:00:50 GMT
Hmmm. I'm a bit split on this. It's good people have an avenue to funds but there are alternative ways.
The Salford site says a £1,000 loan would be 19.90% APR. The Credit Union website says 42.60% APR. The application page doesn't specify an APR.
However, why don't Salford simply offer a monthly payment themselves via the website without interest? It literally takes 30 minutes to set up. The investor doesn't get charged interest and Salford would get more of the actual investment than they will via Crowdfunder; a win-win. This option should be set up post Crowdfunder anyway to allow continued investment. It doesn't matter if the 250k comes via Crowdfunder, as long as it comes. As I said, why have a 10k investor pay via Crowdfunder when you lose £900, when you could have them pay direct and lose nothing? It doesn't make sense.
I didn't understand using a Crowdfunder page in the first place, people aren't just browsing on there going, "oh, look, I can invest in Salford". They specifically go there to invest, so bypass the middle-man and take payment directly. 1.4% (£3,500 on 250k) is a much better fee than 9% (£22,500 on 250k) - £19,000 saved, that's 190 standard owners - almost one-third of the people who have invested so far.
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Post by returningred on May 16, 2023 19:18:37 GMT
I’m sure I have read that partaking through the crowdfunder community share scheme allows you access to a further grant upto 250k as long as it’s matched with community shares.
In essence if we therefore reach the 240l target we will get a further 250k in grants
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Post by BDD on May 16, 2023 19:49:44 GMT
I’m sure I have read that partaking through the crowdfunder community share scheme allows you access to a further grant upto 250k as long as it’s matched with community shares. In essence if we therefore reach the 240l target we will get a further 250k in grants That would be amazing. I haven't seen this in the business plan or on Crowdfunder. The only extra finding I can see is a potential 10k from the Council. I'm sure someone in the know can enlighten us further, or we'll find out on the 23rd. If it's true, it would seem remiss to not mention it as surely that would only serve as a huge motivational tool for people to invest. |
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Post by returningred on May 16, 2023 20:05:43 GMT
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Post by worsleyreddevil on May 16, 2023 20:12:20 GMT
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Post by BDD on May 16, 2023 20:15:27 GMT
Interesting. However, it's a government scheme and doesn't require you to use Crowdfunder or any other crowdfunding website. I also imagine we don't qualify. I've only skim-read but I imagine the club would be shouting about this if we qualified and the government site states 'This fund helps community groups buy or renovate assets' and defines assets as 'Assets are venues and meeting spaces used by the local community'. Based on this, the club itself wouldn't qualify as it isn't a physical venue.
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Post by redoctober on May 16, 2023 22:42:57 GMT
Hmmm. I'm a bit split on this. It's good people have an avenue to funds but there are alternative ways. The Salford site says a £1,000 loan would be 19.90% APR. The Credit Union website says 42.60% APR. The application page doesn't specify an APR. However, why don't Salford simply offer a monthly payment themselves via the website without interest? It literally takes 30 minutes to set up. The investor doesn't get charged interest and Salford would get more of the actual investment than they will via Crowdfunder; a win-win. This option should be set up post Crowdfunder anyway to allow continued investment. It doesn't matter if the 250k comes via Crowdfunder, as long as it comes. As I said, why have a 10k investor pay via Crowdfunder when you lose £900, when you could have them pay direct and lose nothing? It doesn't make sense. I didn't understand using a Crowdfunder page in the first place, people aren't just browsing on there going, "oh, look, I can invest in Salford". They specifically go there to invest, so bypass the middle-man and take payment directly. 1.4% (£3,500 on 250k) is a much better fee than 9% (£22,500 on 250k) - £19,000 saved, that's 190 standard owners - almost one-third of the people who have invested so far. If the club set up a direct debit what stops people from cancelling it? Doing it through a loan scheme provides that security to the club because it’s the same as repaying any loan. |
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Post by salford1963 on May 16, 2023 22:56:48 GMT
Hmmm. I'm a bit split on this. It's good people have an avenue to funds but there are alternative ways. The Salford site says a £1,000 loan would be 19.90% APR. The Credit Union website says 42.60% APR. The application page doesn't specify an APR. However, why don't Salford simply offer a monthly payment themselves via the website without interest? It literally takes 30 minutes to set up. The investor doesn't get charged interest and Salford would get more of the actual investment than they will via Crowdfunder; a win-win. This option should be set up post Crowdfunder anyway to allow continued investment. It doesn't matter if the 250k comes via Crowdfunder, as long as it comes. As I said, why have a 10k investor pay via Crowdfunder when you lose £900, when you could have them pay direct and lose nothing? It doesn't make sense. I didn't understand using a Crowdfunder page in the first place, people aren't just browsing on there going, "oh, look, I can invest in Salford". They specifically go there to invest, so bypass the middle-man and take payment directly. 1.4% (£3,500 on 250k) is a much better fee than 9% (£22,500 on 250k) - £19,000 saved, that's 190 standard owners - almost one-third of the people who have invested so far. If the club set up a direct debit what stops people from cancelling it? Doing it through a loan scheme provides that security to the club because it’s the same as repaying any loan. For years there are some ST holders that will cancel their DD after a poor performance and over time that can play havoc with the club’s cashflow. No doubt the move to partner with a credit union is a way that the club can secure the funds without risk. Also, let’s reflect on those fans who continue to buy a concession ST as an adult. That is just unacceptable and fans who take advantage of this tactic should be ashamed of themselves. I’ve encouraged the club to work with steward’s to spot check culprits as they already know who they are |
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Post by BDD on May 16, 2023 23:24:48 GMT
Hmmm. I'm a bit split on this. It's good people have an avenue to funds but there are alternative ways. The Salford site says a £1,000 loan would be 19.90% APR. The Credit Union website says 42.60% APR. The application page doesn't specify an APR. However, why don't Salford simply offer a monthly payment themselves via the website without interest? It literally takes 30 minutes to set up. The investor doesn't get charged interest and Salford would get more of the actual investment than they will via Crowdfunder; a win-win. This option should be set up post Crowdfunder anyway to allow continued investment. It doesn't matter if the 250k comes via Crowdfunder, as long as it comes. As I said, why have a 10k investor pay via Crowdfunder when you lose £900, when you could have them pay direct and lose nothing? It doesn't make sense. I didn't understand using a Crowdfunder page in the first place, people aren't just browsing on there going, "oh, look, I can invest in Salford". They specifically go there to invest, so bypass the middle-man and take payment directly. 1.4% (£3,500 on 250k) is a much better fee than 9% (£22,500 on 250k) - £19,000 saved, that's 190 standard owners - almost one-third of the people who have invested so far. If the club set up a direct debit what stops people from cancelling it? Doing it through a loan scheme provides that security to the club because it’s the same as repaying any loan. Maybe so, but a person wouldn't become an owner until their full commitment was paid. If they cancel early you keep what they've paid and in and they don't become an owner - but, how many people are going to do that, really, on a £100 investment? We could offer fans an interest free option and haven't. Either way, selling shares directly through the website, when paid in full would save the club around 7.6%, or as I pointed out, save 19k on 250k invested. |
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Post by BDD on May 16, 2023 23:28:56 GMT
If the club set up a direct debit what stops people from cancelling it? Doing it through a loan scheme provides that security to the club because it’s the same as repaying any loan. For years there are some ST holders that will cancel their DD after a poor performance and over time that can play havoc with the club’s cashflow. No doubt the move to partner with a credit union is a way that the club can secure the funds without risk. Also, let’s reflect on those fans who continue to buy a concession ST as an adult. That is just unacceptable and fans who take advantage of this tactic should be ashamed of themselves. I’ve encouraged the club to work with steward’s to spot check culprits as they already know who they are I think that's why you don't see many student prices anymore, not just at Salford but elsewhere. It's very easy and cheap to get an NUS card so you can access student pricing when you are not a student. How do adults get in on a concession (child?) Surely it's obviously at the gate.and from my experience with scanned tickets/cards, it identifies the ticket type when you scan it. It definitely needs to be stamped out for sure. |
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Post by mauricethered on May 17, 2023 5:29:13 GMT
I am at a Trade Show now for two days however we need to keep pushing the community investor message especially the credit union opportunity it opens the door to everyone. Please keep sharing content on Social Media we have 19 days left.
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Post by SalfordSlim on May 17, 2023 9:03:39 GMT
For years there are some ST holders that will cancel their DD after a poor performance and over time that can play havoc with the club’s cashflow. No doubt the move to partner with a credit union is a way that the club can secure the funds without risk. Also, let’s reflect on those fans who continue to buy a concession ST as an adult. That is just unacceptable and fans who take advantage of this tactic should be ashamed of themselves. I’ve encouraged the club to work with steward’s to spot check culprits as they already know who they are I think that's why you don't see many student prices anymore, not just at Salford but elsewhere. It's very easy and cheap to get an NUS card so you can access student pricing when you are not a student. How do adults get in on a concession (child?) Surely it's obviously at the gate.and from my experience with scanned tickets/cards, it identifies the ticket type when you scan it. It definitely needs to be stamped out for sure. I got pulled at Old Trafford once for unknowingly using an OAP ticket. A mate at work sold it to me as an adult ticket and it was only when I swiped in that the red light flashed up to alert the stewards who then took one look at me and realised I was barely in my 30's, never mind 60's! I was mortified, apologised and explained that my so-called mate had shafted me and they let me in. He told me afterwards that no-one ever got checked so he didn't mention it to me as it wouldn't be a problem.🙄 People regularly using kids tickets at the SCS really do need kicking out. The club can't afford blaggers and whilst it's not them that have put us in a perilous financial position, every penny really does help a club like ours. Anyway, I'm in the IOM for the next 3 days so I'll see if I can find a tax-dodging millionaire in one of the local pubs who fancies throwing a few quid in the bucket.🤞 |
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Post by BDD on May 17, 2023 9:09:03 GMT
Just passed 160k.
90k left in 19 days, so just under 5k per day required. The recent average shows we'll be around 200k but you typically get a boost in the last week, which keeps the target very much in sight, especially if 2/3 businesses get involved.
If the event on the 23rd goes well we could see the club hit 300k.
It's also been nice to see a few fans from other clubs buy a share. I think this is an angle the club can use - make Salford everyones second club. Promote the rugby we play. Promote putting the fans first and at the heart of everything. A model for the future. A model for sustainability.
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Post by BDD on May 17, 2023 9:12:01 GMT
I think that's why you don't see many student prices anymore, not just at Salford but elsewhere. It's very easy and cheap to get an NUS card so you can access student pricing when you are not a student. How do adults get in on a concession (child?) Surely it's obviously at the gate.and from my experience with scanned tickets/cards, it identifies the ticket type when you scan it. It definitely needs to be stamped out for sure. I got pulled at Old Trafford once for unknowingly using an OAP ticket. A mate at work sold it to me as an adult ticket and it was only when I swiped in that the red light flashed up to alert the stewards who then took one look at me and realised I was barely in my 30's, never mind 60's! I was mortified, apologised and explained that my so-called mate had shafted me and they let me in. He told me afterwards that no-one ever got checked so he didn't mention it to me as it wouldn't be a problem.🙄 People regularly using kids tickets at the SCS really do need kicking out. The club can't afford blaggers and whilst it's not them that have put us in a perilous financial position, every penny really does help a club like ours. Anyway, I'm in the IOM for the next 3 days so I'll see if I can find a tax-dodging millionaire in one of the local pubs who fancies throwing a few quid in the bucket.🤞 Brilliant anecdote. I can't believe this happens. I'd have assumed that it's so obvious stewards just wouldn't let you in. |
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