In response to the coronavirus, Social Investment Business have launched a Resilience and Recovery Loan Fund for social enterprises and charities which have been adversely impacted by the pandemic. The 25 million fund provides emergency loans of between £100,000 to £1,500,000 without requiring personal guarantees and charging no interest fees or interest for twelve months.
The £25m is part of a wider package of support announced by Big Society Capital.
The Fund is intended to provide working capital until normal business can resume for organisations that are facing financial difficulty. Loans could be used to cover delays in trade payments, or for business modification to meet increase in service demand.
The initial £25 million has been provided by Big Society Capital, with loans backed by the Government’s existing Coronavirus Business Interruption Loan Scheme.
The closing date for applications is 11.59 pm on the 31st March 2021.