Has your company or organisation been negatively impacted by the Covid-19 crisis and 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?
Whether you address social needs, strengthen communities, improve people’s life chances, enhance culture or protect the environment - this opportunity is for you.
If you are a social enterprise, a charity or a community business then you can apply for a loan of between £50,000 to £250,000 for a 5-year term to support you through the crisis.
The Emergency Investment loans remain interest and capital free either until your 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).
The funding has been made available through GMCVO in partnership with Access the Foundation for Social Investment, funded from dormant accounts, and Greater Manchester Combined Authority (GMCA). The application window has been extended and will close on 26th February 2021.
To be eligible your company or organisation needs to have been running successfully prior to the Covid-19 crisis, and you must have a clear plan as to how you will recover from the current situation. You will also need to explain why the existing government backed funding options are not suitable or sufficient for your purposes.
* Main image courtesy of Dynamic Support