Reach Fund makes further £7.2m available for charities and social enterprises

Launched in 2016, the fund provides grants of up to £15,000 to organisations that need help taking on loans

Cycle Penistone: received £5,000
Cycle Penistone: received £5,000

Access – The Foundation for Social Investment and Social Investment Business have both announced that the Reach Fund will be extended for three more years, with a further £7.2m available for charities  and social enterprises.

The Reach Fund was launched in 2016 and provides grants of up to £15,000 to organisations that need help taking on loans.

It is run by SIB and funded by Access, with 24 approved social investors used as "access points" that refer suitable charities and social enterprises into the fund.

The Reach Fund has awarded more than £3m to almost 220 charities and social enterprises since it was set up, Access said, and 69 of those organisations have raised investment worth a total of £17m.

The extension of the fund will make £7.2m available to charities over the next three years, with the aim of helping up to 450 different organisations.

Organisations funded to date include Cycle Penistone CIC, which received £5,000.

The fund was initially due to run until the end of this year.

Seb Elsworth, chief executive of Access, said: "The Reach Fund is working in terms of helping more charities and social enterprises to take on social investment. It is working in terms of growing a market for support based around the country, which is providing good value for money. It is also working in terms of helping social investment providers expand their reach into the sector and work with a greater diversity of charities and social enterprises.

"We are pleased to be working with SIB to continue the Reach Fund as part of a broad range of support to help charities and social enterprises become more resilient."

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