Social Investment Business (SIB) has today announced an initiative to expand the reach of the Resilience and Recovery Loan Fund (RRLF) through an introducer network.
The core idea behind the new network is to improve the geographical accessibility and the diversity of communities reached by the Fund.
Over 10 organisations have already joined the scheme – including Funding Xchange, Greater Manchester Centre for Voluntary Organisation (GMCVO), Key Fund and Northstar Ventures.
RRLF is a £25m fund for social enterprises and charities that are improving people’s lives across the UK who are experiencing disruption to their normal business model as a result of COVID-19. It was established to make an existing government scheme (the Coronavirus Business Interruption Loan Scheme (CBILS) more easily accessible to charities and social enterprises. The Fund closes to new applications on Friday 13 November at 5pm.
RRLF is being run by Social Investment Business (SIB) with an initial £25m investment and support from Big Society Capital. £4m in grants from Access – The Foundation for Social Investment – are also available alongside loans for organisations in England. SIB is the lender and is working with experienced social investor partners on delivery of the fund: Big Issue Invest, CAF Venturesome, Charity Bank, Resonance, Social Investment Scotland, Social and Sustainable Capital and Wales Council for Voluntary Action.
To date, RRLF has approved funding of £13m to 35 charities and social enterprises, including £1m of grants.
Rob Benfield, Director of Enterprise and Development at SIB, said:
“We are delighted to be launching the new RRLF introducer network. One of SIB’s strategic objectives is to partner with other organisations to support those we serve most effectively. This new network will not only enable us to test out new models of partnership, but also to ensure wider access to funding across geographies and communities we haven’t yet reached.”
How to apply
You can find out more and apply for RRLF here.
If you are interested in becoming and introducer for RRLF, please contact Steven Burn by email: steven.burn@sibgroup.org.uk
-Ends
For further information, please contact:
Miranda Love
Marketing and Communications Lead
Social Investment Business
Photo by Steven Roussel on Unsplash
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