£15m worth of finance still available to charities

Covid-19 impacted charities have until the end of September to bid for £15m in finance.

The loan funding is available through the Resilience and Recovery Loan Fund, which is being run by the Social Investment Business (SiB).

So far 25 charities and social enterprises have benefitted from £10m of the £25m investment as well as support from Big Society Capital. This leaves £15m still available.

New applications close on 30 September.

The SiB is the lender for the fund and is working with social investor partners including Big Issue Invest, CAF Venturesome, CharityBank, Resonance, Social Investment Scotland, Social and Sustainable Capital and Wales Council for Voluntary Action. Other delivery partners may be added in future.

The RRLF is for those that have been affected by the Covid-19 pandemic and lockdown to help them tackle loss of income and help secure their future.

“This fund will not work for everyone, and we only have a limited amount of money which cannot come close to meeting the scale of current need in the sector. We hope it is a part of the answer for some,” said the SiB.

“RRLF is intended for those organisations who face a problem because expected income and activity has been delayed or disrupted. A loan may help with this, providing working capital until normal business can commence again.”

Big Society Capital is overseen by the Oversight Trust – Assets for the Common Good, which was formerly known as the Big Society Trust.

In July former National Council for Voluntary Organisations (NCVO) chief executive Sir Stuart Etherington was appointed chair of the Trust.