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 new £25 million fund will provide emergency loans of between £100,000 to £500,000 without requiring personal guarantees and charging no interest fees or interest for twelve months.
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.
Applications can be made at any time.