Asda Community Capital open for applications….and now with social impact support
For social enterprises looking to liberate themselves from the perpetual pursuit of grants, Asda Community Capital could be the perfect solution. Designed specifically for organisations that are exploring social investment for the first time this investment fund gives enterprises the very best opportunity to grow their income before making repayments of the loan. And if that wasn’t compelling enough, applications approved in this current round will receive some additional support to help develop their own social impact plan.
The current round, open to applications until 5pm Friday 16th June, welcomes organisations who have ideally been operating for less than two years seeking loans of between £10k and £50k. The other terms of the fund are as follows:
- Fixed rate of 5%
- No interest charged or accrued in Year 1.
- No repayments in Year 1 (Interest and capital repayments start from Year 2)
- No security required
- No arrangement fees
- No penalty for partial or full early repayment
- Repayable over a maximum of 6 years.
For loans approved in this round, SIS will also make available support to successful organisations with a framework to help them plan and articulate their social impact.
To find out more and apply, just get in touch on 0131 558 7706 or firstname.lastname@example.org.
Roger Moors, Chief Development Officer said: ‘We’d like to help our customers who take on an Asda loan, plan out the difference their investment will make to people’s lives and/or society. We regularly see organisations issue retrospective annual social impact reports but we’d like to encourage them to think how they can set out their plans from the outset. We think this could be really beneficial to them and look forward to working with successful applicants."
One client who has already benefited from an Asda Community Capital loan is Kevin Harrison, Director, of Artlink Central. He said: “Unlike almost all the social loan funding available, the Asda Community Capital loan funding, distributed through Social Investment Scotland, was able to offer us the pre-trading capital we have needed to take a well-tested product to market. This is a unique and limited resource that we are absolutely delighted to have been awarded in order to achieve our social and business aims.”