What is the Enterprise Cost of Living Fund?
The Enterprise Cost of Living Fund is designed to reach communities most impacted by the Cost of Living crisis. The fund will do this by providing an enterprise grant of up to £25K to organisations who have:
1) Completed their time on The Enterprise Development Programme, and
2) Are supporting people and communities most impacted by the Cost of Living crisis.
Potential recipients of the fund will be prioritised as outlined below:
- Priority 1: Organisations are based or delivering services to people and communities in IMD areas 1-3 (Index of Multiple Deprivation is a relative measure of deprivation showing which areas are more deprived than others) or rural areas where transport links are sparse and access to services limited. It is anticipated that most funding will go to organisations delivering in these areas.
- Priority 2: Organisations working outside of these areas but can demonstrate that they are supporting people and communities most impacted by the Cost of Living crisis.
- Priority 3: Organisations must have completed their time on the Enterprise Development Programme.
- Priority 4: Organisations can successfully demonstrate the ability to generate income from trading and would benefit from an additional enterprise grant (either match trading or incentivised grant) to provide much needed additional funding to meet the needs of people and communities impacted by the Cost of Living crisis.
- Priority 5: Organisations are not currently in the process of applying for social investment.
Match trading – is grant-funding that pound-for-pound matches an increase in income from trading (e.g., £10K of matched grant following £10K of income raised) If your application is successful the specific requirements of your match trading grant will be agreed between you and your Relationship Manager at Social Investment Business.
Incentivised grant – a grant to support progress towards an agreed set of targets to further develop, grow or scale your enterprise to support people most impacted by the Cost of Living crisis (e.g., X many additional people impacted by the Cost of Living crisis receive support as a result of the grant) If your application is successful these targets would be agreed between your Relationship Manager at Social Investment Business.
To download the guidance as a PDF click here.