Partnership launches £6m fund

A partnership, involving funders, voluntary sector networks networks and social investors, has been launched to deliver a £6m blended fund aimed at boosting finance for small and medium sized charities and social enterprises.

The Thrive Together Fund will offer a mixture of loans and grants and is being delivered by Social Investment Business, the Architectural Heritage Fund, Co-operative and Community Finance, Fredericks Foundation, green charities group Groundwork and homelessness charities network Homeless Link.

Three quarters of the funding package on offer will be through a loan, with the rest as a grant. Funding of between £25,000 and £150,000 can be applied for.

The Fund is available to organisations in England, working to improve the lives of people and the environment in their local area. Applicants need a minimum of two years operating activity and a turnover of £100,000 in the last financial year.

“Through blending funding in this way, the partnership intends to expand the reach of social investment to smaller organisations or those based in disadvantaged areas, targeting funding where it can be most effective at promoting equitable outcomes, and ensuring that any interventions enhance the social and economic capacity of an area.”

“There are many internal and external barriers to the growth of small and medium sized
charities and social enterprises,” said Social Investment Business director of grants and investments Rob Benfield.

“We are delighted to be bringing together such an expert and experienced partnership to help tackle those barriers, and to provide appropriate finance and support where it is needed most.”

The Fund is backed by £3.6m from Access- The Foundation for Social Investment through its enterprise growth for communities’ programme and £3m from Social Investment Business Foundation. Weil, Gotshal & Manges LLP has provided legal support.

Groundwork chief executive Graham Duxbury said: “This programme will be integral in giving organisations control in how they want to develop and to create sustainable business models that benefits the environment and local communities.”

Homeless link chief executive Rick Henderson added: “Homeless Link has been involved in providing blended finance options to the homelessness sector since 2017.

“Having seen the positive impact, it can have on organisations we are excited to be partnering on the Thrive Together Fund to support more of our members to access blended finance to grow and develop their impact.”