We are offering emergency fast-track loans to voluntary sector organisations in Wales to help see them through the effects of coronavirus and recent flooding.
Just as parts of Wales are coming to terms with the effects of the recent flooding, Coronavirus becomes the next challenge. The actual practical impact of the latter has still to become fully apparent but cancelled events, falling visitor numbers or reduced sales are very realistic possibilities with a knock-on effect to cash flow for voluntary sector organisations across the country.
In response to this, Social Investment Cymru at WCVA is offering emergency fast-track loans to voluntary sector organisations in Wales to help see them through the worst of the effects.
At the same time, existing loan holders are being offered the option to defer payments for a time.
Emergency fast-track loans
Loans will be tailored to each applicant’s individual needs in terms of amount, term and repayment profile. They start with a blank piece of paper – what do you need? What best suits you in terms or repayments?
We recognise that speed of decision making and speed of availability of funds are paramount, so that organisations can react quickly as events unfold. We are therefore reducing the application process to its bare minimum. This will mean that the majority of organisations being approved will see money in their bank accounts within 7 days of submitting a completed application (subject to prompt signature of documentation)
Eligibility criteria are: –
- Incorporated social enterprise or incorporated charity based in Wales
- Demonstrable effect on cash flow from flooding or Coronavirus
- Need to replace assets damaged in flooding
Money can be used for: –
- Support for cash flow
- Purchase of replacement assets
- Bridging of receipt of insurance claims
Existing loan holders
If you are an existing borrower, you may not need any additional money at this point, but the effect on your cash flow might be such that covering your monthly loan repayments could stretch things beyond where you may feel comfortable.
In such cases we will be happy to receive a request to suspend loan repayments for an agreed period.
Get in touch
If you’d like to apply for an Emergency fast-track loan or amend your existing loan repayments, please contact the SIC team on firstname.lastname@example.org or 0300 111 0124