First Steps Enterprise 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.
Eligibility
The fund is open to organisations that meet all of the following criteria:
1) Community groups with well evidenced local connections as set out below:
Organisations established for charitable, benevolent or philanthropic purposes. Our usual expectation will be that applicant organisations have one of the following types of legal structure:
⦁ Registered charity;
⦁ Community interest company;
⦁ Company limited by guarantee that is non-profit distributing
⦁ IPS community benefit society that is non-profit distributing
2) Based and working in England.
3) Organisations operating for longer than a year
4) Applying for an investment of up to £30,000, of which 10% will be a grant.
5) Able to repay the loan in 4 years at 5% (with a capital holiday in the first year- during which only interest is payable).
6) Able to provide evidence of need for activities outlined in the proposal.
7) Able to demonstrate the benefits to the community that arise from the proposed work.
What For?
It is a pilot partnership between Asda Foundation and the Social Investment Business Foundation.
This fund is for community enterprises looking to take on their first loan to help the organisation move forward from start-up stage.
Charities and social enterprises working in communities in England will be able to apply for a loan-grant package of up to £30,000 (10% will be a grant) to help them grow their services and become more sustainable. These investments are the first step towards accessing the wider social investment market and more financing options.
How Much?
You can apply for up to £30,000 and eligible organisations will have been operating for longer than one year.
Deadline
Deadline is noon Friday 11 December 2015.
More Information
http://www.sibgroup.org.uk/firststeps/?utm_campaign=First+Steps+Enterprise+Fund+campaign+2015&utm_source=emailCampaign&utm_medium=email&utm_content=
Information courtesy of Bruce Wright Funding Matters
