Are you a community business or socially trading organisation in the North East?
Big Issue Invest, in partnership with The North East Combined Authority and Power to Change, has launched a new Flexible Social Finance fund. The fund is specifically designed to address the challenges socially trading organisations face in delivering significant social impact. This includes organisations struggling to secure loans from traditional sources, i.e.. organisations that other lenders have previously rejected.
The fund aims to:
- Provide affordable and flexible repayable finance for social trading organisations
- Support organisations looking to grow their social impacts and improve self-sustainability
- Promote the socio-economic importance of social enterprises
The fund primarily benefits social enterprises, charities, and community businesses across the seven local authority areas of County Durham; Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside, and Sunderland, fostering a thriving, inclusive economy.
Investment Details
- Type: Loan
- Amount: Between £50,000 to £400,000
- Interest Rate: Flexible/considered upon assessment of individual position
- Repayment: Over a 3-5 year term
- Security: Usually not required, however, it may be requested in some instances
Eligibility
- Social trading organisations, demonstrating strong social impact
- Applicants must be actively trading and demonstrating revenue
- They can accept organisations rejected or turned down by a bank or other lenders (but not an organisation in distress)
- Organisations based and operating ‘ within the seven local authority areas of County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.
The fund will look to support organisations with strong social impact, including (but not limited to):
- Community development and regeneration including; community businesses, community infrastructure projects, and local cooperative training models
- Green enterprises such as retrofit
- Health and wellbeing improvements including sport, recreation, and leisure.
- Local green transport solutions in areas of need
- Cultural and visitor economy
- Hospitality and food venues, particularly those addressing food waste and food poverty
- Female led organisations
- Global majority led (BAME)
- Disability led
- LGBTQIA+ led
- Owners from lower socioeconomic backgrounds
Find out more and apply at Flexible Social Finance – Big Issue Invest
