A loan facility agreement was entered into between People, Place and Participation Limited (lender) and Flo's Trading Limited (borrower), dated 6 June 2023. As at 31st March 2024 £40,000 of the loan facility had been provided to Flo's Trading in respect of cash transferred (2023: £50,000).
The lender grants to the borrower an unsecured sterling term loan facility of a total principal amount not exceeding £50,000. The facility availability period is from 1 March 2021 to 31 March 2028. The borrower shall pay interest on the loan at the rate of 2% per annum above the base rate of The Bank of England, as varied from time to time.
Purpose
The Borrower shall use all money borrowed under this agreement for running social businesses to provide a Community Café and Refill Shop.
Repayment
The Borrower shall repay the Loan and all interest accrued and due on 31/03/2028.
If the Borrower ceases to be a subsidiary of the Lender, the Lender may by notice declare that the Facility be immediately cancelled, whereupon any and all of the Lender's obligations shall be immediately cancelled and all amounts outstanding under this agreement shall become immediately due and payable together with accrued interest thereon and any other amounts payable under this agreement.