SML YMCA plans major debt-reduction drive

The Smith Mountain Lake branch of the Franklin County Family YMCA will launch a debt‑reduction fundraising drive on Sept. 1.

The facility at 293 FirstWatch Drive in LakeWatch Plantation opened in January 2008 following a capital fundraising campaign that began in 2006 and netted about $1 million in pledges — 43 percent of the estimated $2.3 million cost to build and equip the lake YMCA. A loan was secured, and construction began in 2007.

“Unfortunately, the financial meltdown of 2008 resulted in over $300,000 of the pledged funds never being realized,” said Garry Angle, Franklin County YMCA executive director . “Member One, the bank that holds our note, has graciously allowed us four years of paying interest only on the loan, but because of bank regulations, we must revert to the traditional payment structure beginning Oct . 15. Our cash flow won’t cover interest plus principal payments on the still‑outstanding amount.”

By reducing the principal loan balance, the 500-plus members’ fees will permit the Y to continue operating as a full-service facility. A donor has agreed to match dollar for dollar until Oct. 15 every pledge made to the campaign up to a total of $300,000 . If successful, the effort will reduce the loan by $600,000.

“We can definitely operate as a sustainable Y and continue serving the many SML-area residents who exercise and play basketball, racquetball, tennis and pickleball here once the mortgage principal has been reduced,” said Andrea Fansler, branch director at the SML Y.

Angle said that all funds raised during t he campaign will go directly to a dedicated account that can be used for the debt-reduction campaign only. The funds cannot be used for operating expenses, capital improvements or by either of the Franklin County Family YMCA’s other branches in Rocky Mount and Ferrum.

“We have already contacted a number of potential donors and have secured pledges totaling almost $40k,” Fansler said. “We are encouraged by this showing of support from several Y members, businesses and area institutions. It shows a level of support that we believe will encourage others to participate in the campaign once it is formally announced.”

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