Covid-affected charities invited to apply for a share of £15m in emergency finance

Charities and social enterprises are being encouraged to apply for a share of £15m of mostly loan finance that is available to help them weather the coronavirus pandemic. 

The Resilience and Recovery Loan Fund, which is being run by the Social Investment Business, was launched in April to provide emergency loans to affected social enterprises and charities, without requiring personal guarantees and charging no fees or interest for 12 months.

It has so far approved funding of almost £10m to 25 charities and social enterprises, including £500,000 of grants.

But it has a further £15m to invest before it closes to new applications on 30 September.

The scheme was established to make an existing government scheme, the Coronavirus Business Interruption Loan Scheme, more easily accessible to charities and social enterprises.

A further £4m in grants is available alongside loans to organisations in England from Access – The Foundation for Social Investment. 

Nick Temple, chief executive of the SIB, said: “Since launching the Resilience and Recovery Loan Fund, we have been pleased at the wide range of charities and social enterprises we have been able to support with investment.

“While loans are not right for all organisations, we encourage any who are thinking it might suit their needs to get in touch with the team and apply before the deadline – and avoid missing out on the current offer.”

To find out more about RRLF, how to apply and eligibility criteria for the grants blend, click here

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