UPDATE: The Resilience and Recovery Loan Fund (RRLF) deadline has been extended to 31 March 2021.
RRLF is a £25m emergency fund for social enterprises and charities that are improving people’s lives across the UK. The fund is for those 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.
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 WCVA.
Alun Jones, Head of Social Investment Cymru at WCVA said:
‘We know this funding is not for everyone but will be very useful in the right circumstances especially given the issues the voluntary sector has faced in accessing some of the other loan schemes. We’d encourage anyone in Wales to get in touch for a discussion on how it might work for them.’
To date, RRLF has approved funding of close to £10m to 25 charities and social enterprises, including £0.5m of grants. Organisations with funding approved have included Big Issue, Action on Hearing Loss and the Royal Society for Blind Children. The Fund is also working hard to ensure the money gets to where it is needed fast with quick turnaround times.
The Coronavirus Business Interruption Loan Scheme, delivered through 60+ British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the COVID-19 outbreak.
Nick Temple, Chief Executive of SIB, said:
‘Since launching the Resilience and Recovery Loan Fund, we have been pleased at the wide range of charities and social enterprises we have been able to support with investment. While loans are not right for all organisations, we encourage any who are thinking it might suit their needs to get in touch with the team and apply before the deadline – and avoid missing out on the current offer.’
HOW TO APPLY
To find out more about RRLF, how to apply and eligibility criteria for the grants blend, please visit the Fund page. Organisations in Wales can get in touch with WCVA’s Social Investment Cymru team by emailing email@example.com to talk about how it could work for you.