Coronavirus (COVID-19)—New loan fund launched for social enterprises and charities

Coronavirus (COVID-19)—New loan fund launched for social enterprises and charities

The Social Investment Business has announced running a new loan fund for social enterprises and charities negatively impacted by the coronavirus (COVID-19) pandemic. The Resilience & Recovery Loan Fund (RRLF) is available only for social sector organisations meeting Big Society Capital (BSC)'s governance principles. BSC has invested an initial amount of £25m in the RRLF. The loan fund currently offers term loans of £100,000 to £500,000 with interest rate fees that vary according to the term chosen. The RRLF does not take any personal guarantees and cannot be combined with a loan supported by the government such has the Bounce Back Loan Scheme and the Coronavirus Business Interruption Loan Scheme.

More information regarding the eligibility of applicants to the RRLF can be found here.

BSC's governance principles can be found here.

Applications to the RRLF can be submitted here.

Source: Resilience and Recovery Loan Fund

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