First Steps Enterprise Fund (FSEF) is a £300,000 pilot fund to support community organisations. The fund is for community organisations (charities and social enterprises) based in England that are looking to take on their first loan to help them grow and become more sustainable.
Funding packages of up to £30,000* are available (90% loan and 10% grant). The loan element is charged at 5% (fixed) to be repaid over a period of 4 years with an optional capital holiday for the first year.
*up to £50,000 is available for exceptional cases.
To apply the first step is to fill out the online Expression of Interest. If you meet the fund’s criteria you will be contacted for a chat about your proposal. This will be followed by an assessment visit. You application will then be put to the investment committee. www.sibgroup.org.uk/firststeps