PLEASE NOTE THAT THIS FUND CLOSED ON 16TH MAY 2021. IF YOU NEED INVESTMENT FUNDING, PLEASE CHECK OUT OUR CURRENT FUNDS.
In total we supported organisations with £800,000.
This fund was for companies or organisations that had been negatively impacted by the Covid-19 crisis but been unable to access suitable or sufficient investment from existing support schemes such as the Coronavirus Business Interruption Loan Scheme (CBILS), the Bounce Back Loan Scheme (BBLS) or SIB’s Resilience and Recovery Loan Fund.
Social enterprises, charities and community businesses that social needs, strengthen communities, improve people’s life chances, enhance culture or protect the environment were able to apply for a loan of between £50,000 to £250,000 for a 5-year term to support them through the crisis.
The Emergency Investment loans were interest and capital free either until investees' turnover returns to pre Covid-19 levels, or a maximum of two years - whichever is the shorter. Repayments are then made over a maximum period of 3 years and interest charged at 3% in year 1, 6% in year 2 and 9% in year 3 (total maximum term 5 years).
GMCVO supported organisations with total of £800,000 in partnership with Access the Foundation for Social Investment, funded from dormant accounts, and Greater Manchester Combined Authority (GMCA). The application window closed on Sunday 16th May 2021.
Eligible companies or organisations needed to have been running successfully prior to the Covid-19 crisis, and had to provide a clear plan as to how they intended recover from the situation. Applicants also needed to explain why the existing government backed funding options were not suitable or sufficient.
* Main image courtesy of Dynamic Support
