New First Steps Enterprise Fund offers loan-grant packages
This new fund is offering loan-grant (90% loan/10% grant) packages to charities and social enterprises working in communities in England to help them grow their services and become more sustainable. You can apply for up to £30,000 and eligible organisations will have been operating for longer than one year.
The First Steps Enterprise Fund is a £300,000 pilot fund and the investments it makes in organisations are seen as the first steps towards accessing the wider social investment market and more financing options. The Fund is a pilot partnership between Asda Foundation and the Social Investment Business (SIB) Foundation. The fund intends to inspire other UK corporate foundations to use their money innovatively to create social impact in communities across the country.
This fund is for organisations looking to take on their first loan to help them grow, and priority will be given to those organisations that have previously not taking on repayable finance. You should be able to repay the loan in 4 years at 5% (with a capital holiday in the first year – during which only interest is payable).
Applicants should be able to provide evidence of need for activities outlined in their proposal, and be able to demonstrate the benefits to the community that arise from the proposed work.
Applications are open now and the deadline is noon Friday 11 December 2015. for more information and to apply, visit the SIB website