Application Deadline: 05/20/2022
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.
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.
The Fund will lend to organisations that are improving people’s lives, or the environment they live in, across the UK. All funding purposes will be considered including refinancing of existing debt onto more patient terms.
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.
Eligibility
Type of organisation: Your organisation must be an eligible charity or social enterprise.
• *UK-based: Your organisation must be registered and based in the UK, and deliver its services and impact in the UK.
• Length of existence: Your organisation will need to have been actively operating for at least 2 years.
• Turnover limit: Your organisation must have a minimum turnover of £400k in its last financial year (or £200k if the organisation is **BAME-led, or based in Scotland or Wales).
• Trading income: Your organisation (or group, if applicable) will need to generate at least 50% of its turnover from trading activity. Registered charities and further education colleges are exempt from these eligibility criteria.
• Social Impact: Your organisation (or group, if applicable) will need to be improving people’s lives or the environment they live in.
• Covid-19 impact: You will need to confirm to us that your organisation has been impacted by Covid-19.
• Solvent: You will need to confirm to us that your organisation (or group, if applicable) is not subject to any insolvency proceedings e.g. winding-up, administration, insolvency, bankruptcy.
• Viability test: During assessment, we will need to ensure that your organisation has a viable business proposition.
• Credit and fraud checks: During assessment and before we disburse a loan we will undertake a range of credit and fraud checks.
* Organisations based in Northern Ireland will be referred to Community Finance Ireland.
Official Website: United Kingdom: Social Investment Business – Recovery Loan Fund
