Social enterprises based in Wales will be able to pitch for interest-free loans of up to £30,000, thanks to a new round of social investment.
The SE-Assist Fund, supported by Legal & General and the Welsh Government, launched this week with a Dragons’ Den-style “pitch day” scheduled for October 30th when social enterprises and charities can put their ideas to a local committee for consideration. (Applications close on Aug 27th).
“This is the fourth year that our SE-Assist Fund has run in Wales,”
said Holly Piper, Head of CAF Venturesome, the social investment team at Charities Aid Foundation, which manages the programme.
“Since launching in Wales in 2016 the fund has committed £367,000 to 14 wonderful social enterprises. These organisations are vital in supporting vibrant communities. They improve lives, create jobs and help to build a diverse and inclusive local economy.”
The only criteria to consider are that any applicant has to have an annual turnover of under £500,000, be working towards a sustainable business model, and demonstrate a clear social or environmental impact. Successful applicants will receive flexible, interest-free loans of up to £30,000 (interest bearing up to £60,000), repayable over three years.
“The primary focus of these loans is to help social enterprises to build long term sustainability, and enable them to grow further with development finance,”
“We invite all eligible Welsh social enterprises to apply by 27th August. The investees chosen will also be given access to a bank of experts to support their organisation and an experienced mentor who provides business experience and guidance.”
The SE-Assist Fund is delivered by CAF Venturesome in partnership with Legal & General and the Wales Co-operative Centre; with the support of Welsh Government, Business in the Community Wales and the Institute of Directors Wales.
For further information on how to apply and examples of past successful social enterprise loans, visit https://www.cafonline.org/charities/borrowing/social-investment/se-assist