The Northwest Regional Development Agency (NWDA) and the European Regional Development Fund (ERDF) have awarded a £500,000 grant to a loan fund aimed to help social enterprises in the region.
The Social Enterprise Loan Fund (TSELF) is a Community Development Finance Institution (CDFI) and a registered charity aiming to support social enterprises engaged in social regeneration projects with the provision of loan finance.
The fund, which has to date invested £8m in social enterprises across the UK, helping clients to generate job opportunities as well as training places, generally provides support through:
– loans of up to £250,000 to purchase property or make improvements to existing buildings;
– loans of up to £100,000 for vehicles or equipment;
– loans of up to £50,000 to help with the day-to-day running of the business.
With the new funding from the NWDA (£250,000) and ERDF (£250,000), TSELF will provide Small Loans for Social Enterprise awards up to £50,000 to support organisations in the North West.
The initiative is part of Solutions for Business, the Government’s package of publicly funded business support designed to help companies start and grow.