First Steps Enterprise Fund

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First Steps Enterprise Fund

The First Steps Enterprise Fund is a £300,000 pilot partnership between the Asda Foundation and the Social Investment Business Foundation. The Social Investment Business Foundation (SIB Foundation) is the parent charity of the Social Investment Business. It focuses its activities and funds on providing investment to community enterprises that have the potential to transform neighbourhoods across the country.

The fund is offering loan-grant packages to charities and social enterprises working in communities in England to help them grow their services and become more sustainable. The investments are the first steps towards accessing the wider social investment market and more financing options.

A loan-grant package of up to £30,000 (90% loan and 10% grant) is available. A package of up to £50,000 will be considered in exceptional cases.

The loan element is charged at 5% (fixed) to be repaid over a period of four years with an optional capital holiday for the first year.

The fund intends to catalyse other UK corporate foundations to use their money innovatively to create social impact in communities across the country. It will complement Asda Foundation’s other programmes and will meet their aim of creating stronger and more sustainable communities.

Proposals must be able to explain how their project addresses the needs of the community and how it will tackle underlying issues to deliver benefits to the community.

Particular preference is being given to organisations that work in the following areas:

  • Older people.
  • Health and wellbeing.
  • Employment for young people.

 

Expressions of Interest are currently being accepted. No closing date has been set.

 

http://www.sibgroup.org.uk/funds

 

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