The Flexible Finance Fund is for established community and social enterprises, to complement our existing blended funds. This is a revolving facility, available up to £150,000 that can be drawn and repaid flexibly as needed, for an initial period of up to 2 years.
Any balance at the end of two years then converts into a standard loan, repayable over five years. It is intended to help you keep your cash flow smooth by covering cashflow gaps and provide flexibility to maximise opportunities.
Eligibility:
- Must be an incorporated business.
- Must have clear social aims and objectives, and fit one of the following descriptions:
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- Not for private profit
- Asset locked
- Have clear policies or restrictions around profit distribution (e.g. BenCom)
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- Must be based/or operate substantially within our area of operation.
- Must be an SME – less than 250 employees, t/o less than E50m, net worth less than E43m.
- Must have been substantially trading for over 3 years (over 50%).
Fund Offer:
- Investments up to £150k
- Drawn and repaid flexibly over up to 2 years
- Then converted into standard loan repayable over 5 years
- Arrangement fee of 2% payable on acceptance of offer
- Interest rate payable monthly, based on amount drawn, at 4% per annum
- Standby fee for non-utilised balanced of 2% per annum, charged 6 monthly in arrears