First Steps Enterprise Fund is a £300,000 pilot fund offering loan-grant packages to charities and social enterprises working in communities in the North West and South West of England.
Small community-led organisations can apply for up to £30,000 to help them grow their services and become more sustainable. The investments are the first steps towards accessing the wider social investment market and more financing options.
This fund is for community enterprises looking to take on their first loan to help the organisation move forward from start-up stage.
The fund is open to organisations that meet all of the following criteria:
• Community groups with well evidenced local connections as set out below:
Organisations established for charitable, benevolent or philanthropic purposes. Organisations should 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
• Based and working in the North West and South West of England
• Organisations operating for longer than a year, but no longer than three years
• Applying for an investment of up to £30,000, of which 10% will be a grant
• Able to repay the loan in 4 years at 5% (with a capital holiday in the first year- during which only interest is payable)
• Able to provide evidence of need for activities outlined in the proposal
• Able to demonstrate the benefits to the community that arise from the proposed work
It is a pilot partnership between Asda Foundation and the Social Investment Business Foundation. The fund intends to catalyse other UK corporate foundations to use their money innovatively to create social impact in communities across the country. It will complement Asda Foundation’s other programmes and will meet their aim of creating stronger and more sustainable communities.
For further information and to apply, visit: www.sibgroup.org.uk/firststeps/?utm_campaign=Asda+launch+for+ICRF%2C+Comm+Rights+and+IRF&utm_source=emailCampaign&utm_medium=email&utm_content=
Deadline: Friday 26 June 2015, 12noon