The funding comes from Access – the Foundation for Social Investment with grant funding from the Big Lottery Fund and loan from Big Society Capital. The funding is being administered by the Key Fund, a social enterprise which provides development and investment support to social businesses that create positive community, environmental or social impacts.
The Fund provides a mixture of loan and grants which is intended to assist small and early stage voluntary, community and social enterprise (VCSE) organisations access social investment in order to grow both their impact as well as their trading activity. Investments ranging between £5,000 and £150,000 combining loans with a grant element of up to 20% of the loan amount are available with no arrangement fee and an interest rate of 6.5%.
Applications will be accepted from social enterprises operating in the Midlands, North East, North West and Yorkshire & the Humber for working capital projects and covering the initial costs of social impact projects, such as investing in training for young people and staff, as the enterprises get up and running.
Applications can be submitted at any time.