The Recovery Loan Fund closure: £6m in funding left to apply for before 20th May 2022

6 May 2022

The Recovery Loan Fund (RLF) will be closing to new applications on Friday 20th May at 23.59. 

The Recovery Loan Fund provides loans to UK charities and social enterprises who have been impacted by Covid 19 and need funds to help them to survive, recover and grow. It has been established by Social Investment Business (SIB) to make an existing Government guarantee scheme, the Recovery Loan Scheme more easily accessible to charities and social enterprises. 

On Tuesday 26th April, the Recovery Loan Fund approved another four loans totalling £1.8m – this takes the total approved to date to over £4m to 11 charities and social enterprises. There is still a further £6m available to support charities and social enterprises that are improving people’s lives or the environment they live in across the UK. 

In addition, SIB is working with The Ubele Initiative and Create Equity to provide grant and support funding alongside the Recovery Loan Fund to support Black and minoritised  ethnicity-led charities and social enterprises based in and delivering impact in England. 

As part of its commitment to open and transparent data, SIB have published a dashboard of the Recovery Loan Fund applicants, including pipeline and demographic information. An case study of an organisation that recently took on investment through the Recovery Loan Fund can be found here.   

The Fund is being run by SIB, with initial investment from SIB and the Fusion21 Foundation - the charity parent and social investor of social enterprise and public sector procurement provider Fusion21. In January 2022, The Archbishop’s Council, Big Society Capital, MFS Investment Management, and Treebeard Trust were announced as further investors in the Recovery Loan Fund. Access - The Foundation for Social Investment are providing the grant funding. 

Rob Benfield, Director of Investments at SIB, said: 

We are delighted to have approved over £4m in funding to support charities and social enterprises as they bounce back from the pandemic. With the closing date fast approaching on the 20th May, we still have around £6m in funding left and we will progress applications on a first come, first served basis. We’d encourage all organisations who might be interested to get in touch with the team and start your application ahead of the deadline.” 

How to apply

The Recovery Loan Fund offers eligible organisations loans of £50K-£1.5m, with a 1-6-year term and offers grants alongside loans for Black and Minoritised-Ethnicity led organisations in England.

The Recovery Loan Fund is open for applications until 11.59pm on Friday 20th May 2022.

For more information, including full eligibility criteria, product details and FAQs, visit: https://www.sibgroup.org.uk/recovery-loan-fund

 

ENDS

 

About the Recovery Loan Scheme

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.

 

About Social Investment Business

Social Investment Business provides finance to create fairer communities and improve people’s lives. They do this by providing the money and support they need directly, partnering to support them effectively and, using their knowledge to inform their own work and influence others.

Since 2002, SIB has deployed and managed over £500m of loans and grants, directly supporting more than 3000 charities and social enterprises.

www.sibgroup.org.uk

For media enquiries contact:

Anissa Morris, Marketing and Social Media Officer

Email :  anissa.morris@sibgroup.org.uk

 

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The Social Investment Business is the trading name for the Social Investment Business Foundation, Registered Company No. 05777484 (England), Registered Charity No. 1117185 (England & Wales), The Social Investment Business Limited, Registered in England No. 06490609, VAT No. 927456693, Futurebuilders-England Limited, Registered in England No. 05066676 and Forward Enterprise FM Ltd, Registered in England No.11238102. Registered Office: CAN Mezzanine, Borough, 7-14 Great Dover Street, London, SE1 4YR.

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