Small community-led charities and social enterprises in England can apply for investment to help them with their first steps towards accessing the wider social investment market and more financing options.
The First Steps Enterprise Fund is a £300,000 pilot fund managed by Social Investment Business (SIB) on behalf of the Asda Foundation.
The Fund offers loan-grant packages of up to £30,000 to charities and social enterprises working to improve lives in communities in England to help them grow their services and become more sustainable.
Organisations must be able to demonstrate that they address the needs of, and are of benefit to, their local community.
Preference is given to organisations that work in the following areas:
Packages comprise 90% loan and 10% grant, with the loan element of the package charged at 5% (fixed) to be repaid over a period of four years with an optional capital holiday for the first year.
The first step in the application process is to send an email to SIB to arrange a telephone conversation.