Help Needed

I have twice now asked whistleblower for advice on how do I go about contacting a bank with regards to helping finance this venture and have had nothing in return.

So now I am asking you lot. This venture is going nowhere and hasn't been for a while simply because I need help with this.

So if you have ANY idea how I go about approaching a bank about this then either reply in here or send me a message so this dream doesn't just stay a dream.

Well the problem is convincing the bank they would get some money back, i think that might be problematic, and if they do make a loan and the congress makes a loss who is going to pick up the tab, dont think I would want to take that risk and I imagine most on here would feel the same way.

Maybe little steps are needed rather than big ones, perhaps organising our own congress without the relevant experience is too tricky at first, I suggest we run our own competition or series of competitions within existing congresses at first.

Plan B is to set up a fund and invite donations as credits against subsequent entry fees, we could agree in principle a place and a weekend at some point in the future and just see how much money comes in

Graham we had already decided that we was going to charge for this so the bank wouldn't actually be out of pocket

Donna, you're not going to get a loan from a bank, I'd shelve that idea.

With BUCA, we've opened up a Treasurer's Account at Lloyds TSB. This is tax free etc. and designed for non-profit organisations. You need to set up the account, then get people who pay to enter to pay the entry fee into that account. If they pay by cheque, this is trivial.

You have to keep a list of expenses beforehand though, and pay out of your own pocket. Then when you get the entry fees, you can withdraw the money from the account that the company will have gathered, and make the money payable to yourself. This is the risk that all tournament organisers have to take on their first event.

Well whistleblower said he was already in contact with banks which is why I needed to know what exactly he was doing or saying or arranging

RainbowRising, I rebuilt it with the help of the ECF. I'm its President. This is why I'm not here as often nowadays...

I respectfully ask you please create another forum for chat because without this help I am asking for then this otb tournament ISN'T going ahead

And at what point BEFORE now have you mentioned this or is it because now I have taken over?

Thanks for nothing then you can all deal with it yourselves

I simply asked for help not comments trashing my efforts to get this up and running

Good luck you guys

Apologies for not replying to this thread earlier.  I have just sent Donna a reply to here personal message.  The reply I got from banks were this;

a. Non-profit/charity organisations can get a bank account no problem

b. The account is charged on a monthly basis x amount for the business account privelages.

The option could be that you open a personal account and pay in 5 quid and then retain that as expenses for later.  The personal account is free and you would be able to receive ticket money via BACS, cash or cheque to this account.  After a year, and once you know it is a success, you could change the account type to a business account.  You will be able to forecast that any bank charges can be covered when drawing up a budget.

The banks were slightly unhelpful but this is only what I were able to receive from my research.

Whistleblower, go to Lloyds TSB, and open a Treasurer's Account. I did it for the British Universities' Chess Association. It takes half an hours. It's completely, 100%, free. With that particular account, the monthly charge you refer to in b is £0.

If anyone wishes to nominate themselves to open a Treasurer's Account (and become Financial Secretary) with the bank, Lloyds TSB, please feel free.

I can't - I couldn't open BUCA's myself because I don't have the requisit ID (no passport/driving licence). I had to get a friend to be the Treasurer...

No, I do not have a passport. You only need one to go abroad. Never been abroad! (Yes, I know I'm sad, I don't need the point ramming home. ;-) )

Have we got a bank account yet - am happy to help with this...