Big Issue Invest opens £15mn Impact Loans England Programme
Melanie May | 18 January 2024 | News
Big Issue Invest (BII) is looking for social ventures and charities across England to apply to its new £15mn Impact Loans England programme.
The Impact Loans England programme (ILE) is a competitive blended loan/grant product that is designed to provide an ‘inclusive, flexible and patient’ loan offering to help social organisations and charities grow.
As such, it will provide early-stage ventures with loan products that can help social businesses deal with seasonal fluctuations in income and the uncertainty of the UK’s economy.
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BII is offering between £20,000 to £400,000 with up to 20% of this amount as a grant to investees, with terms of between 1 to 8 years and an interest rate of ca. 7.5%-8.5%. There is potential for up to 12 months of initial interest-only period and no early repayment charges.
In addition, there are Reach Fund grants available of up to £15k support to finetune application plans, forecasts and more. The programme also offers the provision of a dedicated account manager to assist with applications and to provide ongoing support.
The Fund is looking to invest across the England, particularly in areas of poverty that have a greater need for support and investment including those working in marginalised communities and those led by Black, Asian, minority ethnic and/or disabled people.
Danyal Sattar, BII’s CEO, said:
“We are pleased to be offering social enterprises and charities this programme of support. There is an increasing need for loan products that can help social businesses make the most of growth opportunities but also deal with the uncertainty inherent to the UK’s post-pandemic economy.”
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.