Loans up to £150,000 with an element of grant funding for local social enterprises based and operating in Somerset that are providing services and social benefit for Somerset communities.
The aims of the Somerset Social Enterprise Fund are to:
- Provide social investment in the form of loans and grants and help VCSEs operating in Somerset establish and develop sustainable organisations that deliver social, environmental and economic benefits.
- Provide support to VCSE owner/manager/directors in preparing business plans and investment applications.
- Provide ongoing support to VCSE owner/manager/directors in managing and improving VCSE operations, and
- Play an active role in and provide links to wider support networks for VCSE owner/manager/directors.
Social enterprises, including charities, Community Interest Companies (CICs), companies limited by guarantee, Limited Liability Partnerships, Industrial and Provident Societies (also known as Registered Societies) working with eligible beneficiary groups may apply for a loan of between £10,000 and £150,000. Grants linked to a loan are also available, with the maximum grant available being no greater than 50% of the loan amount.
Applications may be made at any time. However, before making an application, social enterprises are requested to contact the Somerset Community Foundation to discuss their proposal.