Social Investment Business (SIB) has today announced the Resilience and Recovery Loan Fund (RRLF) reached £28m in total funding approved following its final Investment Committee. The Fund closed to new applications on Wednesday 31 March.
RRLF was a fund for social enterprises and charities who were experiencing disruption to their normal business model as a result of COVID-19. It was established in six weeks in April 2020 to make an existing government scheme (the Coronavirus Business Interruption Loan Scheme (CBILS) more easily accessible to charities and social enterprises. Of the final £28m total, RRLF approved funding to 77 charities and social enterprises across the UK, with £24.0m worth of loans and over £3.9m worth of grants approved. SIB published real-time, weekly social investment data through the RRLF dashboardsthroughout the course of the Fund.