Social Investment Business and The Forward Trust are pleased to announce the launch of the Forward Enterprise Fund.
This new multi-million pound fund will support enterprises and charities run by, or creating employment opportunities for, ex-offenders and people in recovery from addiction.
Eligible applicants can benefit from a tailored mix of support to help grow their business. Repayable finance and grants for business support are available for start-ups with ideas they wish to develop. Established organisations, social enterprises and charities looking to expand and grow are also welcome to apply for repayable finance.
The fund is a partnership between Social Investment Business and The Forward Trust backed by Access – The Foundation for Social Investment, Big Lottery Fund and Big Society Capital as part of their wider Growth Fund initiative.
On the launch Nick Temple, CEO of Social Investment Business, said:
“Helping people through drug and alcohol recovery and supporting ex-offenders are aspirations shared by many of the charities and social enterprises we work with.
For this reason we are excited to be partnering with Forward Trust to develop a holistic fund that will meet a genuine need and provide employment opportunities through flexible finance and business support.”
The Forward Enterprise Fund will provide access to unsecured loans between £25k - £150k for revenue and / or capital projects (typical interest rate 7.5%) for up to a 5-year term.
Eligible organisations will also have access to grants to pay for up to 10 days of pre-investment business support. Organisations who receive investment will also be able to apply for post-investment business support.
Individuals or start-up enterprises with a bright idea can also access Crowdfunder support with match funding available from The Forward Trust.
Mike Trace, CEO of Forward Trust, commented:
“This initiative can help realise the potential of entrepreneurs who have a history of offending or drug/alcohol problems. We believe that people can be more than their past – given the opportunity and the right support, they can use their lived experience to innovate and succeed in creating and growing their own enterprises.”
The Forward Enterprise Fund is now open for applications. To apply please complete and submit the expression of interest form on the Forward Enterprise Fund website.