GMCVO have launched a new £2.25 million social investment fund aimed at Social Enterprises, Charities and Community Businesses struggling due to COVID-19. Funded by Access - The Foundation for Social Investment (funded from dormant accounts) and Greater Manchester Combined Authority (GMCA), loans are available to Greater Manchester based Voluntary, Community and Social Enterprise (VCSE) organisations.
The new fund has been created for organisations that have struggled to obtain sufficient funding through the coronavirus pandemic, with many government-backed initiatives failing to reach organisations in the VCSE sector. This fund hopes to address and provide capital to those organisations that are in desperate need following COVID-19
Loans are available from £50,000 to £250,000 with an initial interest and capital repayment free period of up to 2 years, and then a further 3 years to repay.
Seb Elsworth, Chief Executive of Access – The Foundation for Social Investment, said “Access is delighted to be able to support GMCVO, alongside the Greater Manchester Combined Authority, to enable this much needed finance reach charities and social enterprises across the city region and for them to continue their amazing work.”
Cllr David Molyneux, GMCA Lead for Resources and Investment, said: “We know that the pandemic continues to have a significant impact on organisations across all sectors of the economy and society. For social enterprises and charitable organisations in particular, this has an obvious effect on the vital work that they do to enrich and give back to their communities and places.
“This Emergency Investment Fund, supported by the GMCA and Access, is a response to the gap in the support available to those organisations. We have a vibrant social enterprise and charity sector here in Greater Manchester, and we want to help these organisations address the issues they’re facing so they can carry on supporting people across our city-region.”
To find out more about the Emergency Investment Fund please visit the website here.