The Resilience and Recovery Loan Fund (RRLF) will be closing to new applications on Wednesday 31 March at 23.59.
RRLF is a £25m fund for social enterprises and charities that are improving people’s lives across the UK who are experiencing disruption to their normal business model as a result of COVID-19. It was established in April 2020 to make an existing government scheme (the Coronavirus Business Interruption Loan Scheme (CBILS) more easily accessible to charities and social enterprises. To date, RRLF has approved funding of over £23m to 63 charities and social enterprises, with around £6m in funding still available. Of the current total, over £19.5m worth of loans and over £2.8m worth of grants have been approved.
The CBILS scheme will not continue in its current form. The CBILS successor loan scheme - the Recovery Loan Scheme (RLS) – offers an 80% government guarantee for lenders, but interest and fees for the first year will no longer be covered, as they are with funding from RRLF.
RRLF is being run by Social Investment Business (SIB) with an initial £25m investment and support from Big Society Capital. £4m in grants from Access – The Foundation for Social Investment – has also been made available alongside loans for organisations in England since August 2020. SIB is the lender and is working with experienced social investor partners on delivery of the fund: Big Issue Invest, CAF Venturesome, Charity Bank, Resonance, Social Investment Scotland, Social and Sustainable Capital and Wales Council for Voluntary Action.
RRLF is the only CBILS-backed fund that was created especially for charities and social enterprises and is dedicated to providing them with the support they need. Organisations with funding approved have included Autism Plus, Big Issue and the Royal Society for Blind Children.
Rob Benfield, Director of Investments at SIB, said:
“If you wish to benefit from the government paying all interest and fees for the first 12 months on funding through CBILS, this is your last chance. We still have around £6m in funding left, but this will be allocated on a first come, first served basis, so if you think the Fund could suit the needs of your organisation, we encourage you to get in touch with the team and start your application before 31 March.”
How to apply
RRLF offers eligible organisations loans under CBILS terms of £100K-£1.5m, with a 1-5-year term and offers grants alongside loans for organisations in England. The Fund closes to new applications on Wednesday 31 March at 11.59pm. You can find out more and apply for RRLF here.
For further information, please contact:
Marketing and Communications Lead
Social Investment Business
Photo credit: Gloucestershire Gateway Trust: an RRLF investee