New £5.5m Northern Impact Fund launches for social enterprises
A new £5.5m fund, offering grant and unsecured loan finance to social enterprises has launched across the North of England and the Midlands.
Key Fund, a long-standing investor in community and social enterprises, is delivering the Northern Impact Fund, aimed at new and early stage enterprises who are seeking finance to support growth.
Matt Smith, CEO of the Key Fund, said: “With this fund we’re offering finance of up to £150k, but typical investments will be around £50k, with up to 20% of the amount available as grant. It’s long been our belief that grants can play a very important role in helping new and smaller social enterprise become more robust.”
The Northern Impact Fund is open to applications from social enterprises operating in the Midlands, North East, North West and Yorkshire and the Humber.
“small organisations can deliver big impact in disadvantaged communities”
Matt said: “We have always believed small organisations can deliver big impact in disadvantaged communities. In this current economic climate, we are seeing good businesses struggling and access to finance and support has never been so crucial, so we’re delighted to be delivering the Northern Impact Fund.”
The grant is aimed to help cover the initial costs related to social impact, such as investing in training for young people and staff, as the enterprise gets up and running.
The Northern Impact Fund has received support from the Growth Fund, which is an initiative of Access – the Foundation for Social Investment. The Growth Fund has been designed to increase the availability of small, affordable, unsecured loans for charities and social enterprises. The Growth Fund totals £45m and provides a blend of loan from Big Society Capital and grant from the Big Lottery Fund, to social investors across England. This allows those social investors to offer smaller loans and take much greater risk than some other lenders are able to.