New Recovery Loan Fund launched
Charities and social enterprises that have been operating for a minimum of two years can now apply for loans worth up to £1.5 million from Social Investment Business (SIB).
Eligible organisations can apply for loans of £100,000 to £1.5 million with a one-to-six-year term, and no early repayment penalty. BAME-led organisations and those based in Wales or Scotland will be able to apply for loans upwards of £50,000.
The new Recovery Loan Fund is the successor of the Resilience and Recovery Loan Fund and aims to help organisations that have been affected by Covid-19. It is also open to organisations looking to refinance short-term debt – all loan purposes will be considered, including refinancing.
The deadline is Sunday, 21 November 2021 and applications will be reviewed on a first-come, first-served basis.