£2M in blended grant funding announced for the Recovery Loan Fund to support Black and Minoritised Ethnicity-Led Charities and Social Enterprises.
The Social Investment Business (SIB), Access – The Foundation for Social investment, The Ubele Initiative and Create Equity have announced £2m worth of grant and support funding to be made available to be used alongside the Recovery Loan Fund to support Black and minoritised ethnicity-led charities and social enterprises based in and delivering impact in England.
What is The Recovery Loan Fund?
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. It has been established by Social Investment Business (SIB) to make an existing Government guarantee scheme, the Recovery Loan Scheme (RLS), more easily accessible to charities and social enterprises.
It includes:
- Unrestricted grants to go alongside loans from the Recovery Loan Fund (up to 100% of loan value)
- Reduced turnover thresholds and deal-size to lower eligibility barriers (£200,000 org turnover and £50,000 deal size; normally double this)
- Specialist and bespoke business support
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.
Deadline: 20 May 2022