25 October 2021
Recovery Loan Fund
Loans to support UK charities and social enterprises who have been impacted by coronavirus/COVID-19 and need funds to help them to survive, recover and grow.
The Fund 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 Fusion21 Foundation is also committing its own capital alongside SIB.
UK based charities and social enterprises that have been actively operating for at least two years, have a minimum turnover of £400,000 in their last financial year (£200,000 if based in Scotland or Wales) and which exist for the benefit of society/environment may be eligible to apply for loans for a term of one to six years as follows:
- Between £100,000 and £1.5 million.
- Upwards of £50,000 for BAME-led organisations and those based in Wales and Scotland. (SIB defines BAME-led as having a board or senior management team made up of 51% or more members from BAME backgrounds.)
Loans can be used for business purposes, including, managing cashflow, investment and growth. The scheme is designed to support businesses that can afford to take out additional finance for these purposes.
Commenting on the new funding, Fusion21 Chief Executive Dave Neilson said:
“The voluntary, community and social enterprise sector has worked tirelessly to continue delivering vital community services throughout the pandemic – often with very limited resources. Our contributions will make a positive social impact to both eligible organisations and their communities.”
Applications will be reviewed on a first-come, first-served basis.
The deadline for applications is 21 November 2021 (midnight).