Support, comprising a package of an interest free loan, a mentor and expert consultancy, for aspiring social enterprises in Wales that have a social impact addressing a local social or environmental need.
Further Information
- Funding body:
- Wales Co-operative Centre
- Maximum value:
- £ 30,000
- Application deadline:
- 29/03/2016
Background
SE-Assist is administered by the Wales Co-operative Centre, which is mainly funded by the European Regional Development Fund and the Welsh Government, with additional funding from Comic Relief and the Nationwide Foundation.
The programme’s delivery partners comprise the Charities Aid Foundation, Business in the Community, Legal & General, the Welsh Government and the Institute of Directors (IoD).
Objectives of Fund
SE-Assist enables aspiring social enterprises in Wales to access repayable finance and additional assistance from corporate bodies. Social investment decisions will be made by the SE-Assist Wales Social Investment Committee (SIC) that will decide who to award the package of support.
Support, comprising a package of an interest free loan, a mentor and expert consultancy, is available applicants that have a social impact addressing a local social or environmental need.
Value Notes
SE-Assist offers social enterprises across Wales the following package of growth support:
- Interest free loans between £10,000 and £30,000
- An experienced corporate mentor.
- Access to a bank of experts.
Match Funding Restrictions
Match funding is not a stipulated requirement of this programme.
Who Can Apply
Social enterprises in Wales will qualify for assistance through this programme. Eligible applicants are those that:
- trade for a social and/or environmental purpose;
- have a clear charitable mission;
- bring in some of its income through selling goods or services;
- bring in some of its income through selling goods or services;
- reinvests profits to further its social mission, and/or which, in a ‘wind-up’ situation, remaining assets would be passed on to another non-profit social enterprise that has a charitable purpose.
A variety of legal structures will be considered:
- charities with a trading arm;
- community interest companies;
- companies limited by guarantee;
- companies limited by shares, in certain circumstances.
Applicants should have a turnover less than £500,000 pa (over the last three years) for the organisation, or specific initiative, for which they are applying.
Location
Wales
Terms and Conditions
SE-Assist uses charitable funds to invest in social enterprises. Due to this, all applicants will have to subject to CAF’s charitable validation process.
Applicants must:
- be willing to engage in ongoing learning and development process to improve the SE-Assist proposition;
- have, or be working towards, a sustainable business model;
- be seeking support for organisational growth or sustainability;
- have a clear need for package of support that SE-Assist will provide;
- demonstrate how the support package will help to achieve the organisation’s aims; and
- outline how the loan will be used and repaid.
The loans are interest free and there are no fees for taking on an SE-Assist loan. Loans should be paid back within two to three years, usually in monthly instalments.
Full terms and conditions will be provided upon application.
Restrictions
As the loan uses charitable money the loan has to be used for a social purpose only.
Eligible Expenditure
Costs associated with eligible projects.
Employee Notes
Applicants should have a turnover less than £500,000 pa (over the last three years).
How To Apply
Deadline(s):
The deadline for receipt of applications is 12pm on 29 March 2016.
Frequency: Unspecified.
Link to guidelines:
Useful information:
Further advice and assistance with submitting an application may be sought directly from the sponsor.
(Source : Grantfinder)
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