The Recovery Loan Fund provides loans to UK charities and social enterprises who have been impacted by Covid 19 and need funds to help them to survive, recover and grow.
It has been established by Social Investment Business (SIB) to make an existing Government guarantee scheme, the Recovery Loan Scheme, more easily accessible to charities and social enterprises.
The Fund offers loans of £100k to £1.5m for any purpose including refinancing of existing debt (with loans upwards of £50,000 for organisations led by people from racialised communities). The minimum turnover eligibility is £400k (£200k for organisations led by people from racialised communities).
This won’t be suitable for all Locality members – given it is social investment loans with a minimum turnover criteria. But it could be of interest to larger community organisations looking for repayable finance.
The Fund is being run by Social Investment Business with initial investment from SIB and the Fusion21 Foundation - the charity parent and social investor of social enterprise and public sector procurement provider Fusion21.
The Fund closes to submissions at midnight on Sunday 21st November 2021.
More information about eligibility can be found at www.sibgroup.org.uk/recovery-loan-fund
If you would like to discuss the fund with anyone at Locality please contact email@example.com
Create a My Community account today and get our latest resources and tools delivered straight to your inbox.