Social Investment Business Foundation and Asda Foundation have joined together once again to provide a £300,000 pilot fund to support community organisation based and working in England.
The First Steps Enterprise Fund is making a loan-grant package available for small community-led charities and social enterprises based and working in communities in England who are looking for their first loan to help them grow their services and become more sustainable.
A loan-grant package of up to £30,000 (90% loan and 10% grant) is available. A package of up to £50,000 will be considered in exceptional cases.
The loan element is charged at 5% (fixed) to be repaid over a period of four years with an optional capital holiday for the first year.
Proposals must be able to explain how their project addresses the needs of the community and how it will tackle underlying issues to deliver benefits to the community.
Particular preference is being given to organisations that work in the following areas:
- Older people.
- Health and wellbeing.
- Employment for young people.
Expressions of Interest are currently being accepted from organisations that have been operating for at least one year.