A new £6m fund partnership set to increase the availability of finance to smaller charities and social enterprises opens today.
The Thrive Together Fund will provide unrestricted funding to unlock the growth of small and medium sized charities and social enterprises.
This bold new fund is operated through a delivery partnership made up of Social Investment Business, Co-operative and Community Finance, Fredericks Foundation, Groundwork, Homeless Link, and The Architectural Heritage Fund.
With £6m available, the Fund will combine grant funding with repayable finance providing a funding package of loan (75%) and grant (25%) to eligible organisations that are improving people’s lives, or the environment in which they live, in England.
Through blending funding in this way, the partnership intends to expand the reach of social investment to smaller organisations or those based in disadvantaged areas, targeting funding where it can be most effective at promoting equitable outcomes, and ensuring that any interventions enhance the social and economic capacity of an area.
The Fund is supported by £3.6m from Access – The Foundation for Social Investment through their Enterprise Growth for Communities Programme, alongside a £3m investment by Social Investment Business Foundation. Weil, Gotshal & Manges LLP provided the legal support to create the fund.