Charities have until the 30 September to apply for a share of the £25m Resilience & Recovery Loan Fund.
So far, funding of close to £10m, including £0.5m of grants, has been approved, going to to 25 charities and social enterprises including Big Issue, Action on Hearing Loss and the Royal Society for Blind Children. This leaves a further £15m to be applied for.
This is an emergency fund for social enterprises and charities improving people’s lives across the UK and finding their normal business model adversely affected as a result of Covid-19. It was established to make the government’s Coronavirus Business Interruption Loan Scheme more accessible to charities and social enterprises.
The Resilience & Recovery Loan Fund is being run by Social Investment Business (SIB) with an initial £25m investment and support from Big Society Capital. £4m in grants from Access – The Foundation for Social Investment – is also available alongside loans for organisations in England. SIB is working with a number of social investor partners to deliver the fund including Big Issue Invest, CAF Venturesome, Charity Bank, Resonance, Social Investment Scotland, Social and Sustainable Capital and Wales Council for Voluntary Action.
The Coronavirus Business Interruption Loan Scheme is designed to support the continued provision of finance to smaller businesses in the UK during the Covid-19 outbreak.
Nick Temple, Chief Executive of SIB, said:
“Since launching the Resilience and Recovery Loan Fund, we have been pleased at the wide range of charities and social enterprises we have been able to support with investment. While loans are not right for all organisations, we encourage any who are thinking it might suit their needs to get in touch with the team and apply before the deadline – and avoid missing out on the current offer.”
Information on criteria and how to apply is available on SIB’s site.
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