New repayable finance, Pioneer and Prosper
Pioneer and Prosper is a two-year pilot programme that will support a small number of ambitious charities and social enterprises with a repayable grant and support to help them to increase their social impact, raise investment, grow their business and become more financially resilient.
The programme is for charities and social enterprises tackling social problems amongst disadvantaged communities:
- To enable them to break through the barriers to growth and deliver social impact
- To enable them to increase the number of beneficiaries and/or social impact in the communities they serve.
What support is available?
Funding of £10,000 to £25,000 can be awarded through a “Revenue Participation Agreement”. This is repayable finance so it will only fund enterprise activity.
Business support is available, for example to help groups to put together a cashflow forecast, marketing plan or write a business plan. Pro Bono legal support could be available where this is essential to the application.
If interested in applying for more than £25,000, telephone Social Investment Business on 020 3096 7900 to discuss details of your investment needs.
Who can apply?
Charities and social enterprises working in England can apply if they
- have an income of £10,000 to £10,000,000 and have been established for at least 12 months
- aim to grow the proportion of their income from trading activities
- deliver social impact and seek to grow and scale over the coming years
- have a clear social mission and mainly reinvest surpluses into pursuing this mission
- are looking to implement a social mission lock or have an asset lock in place
- distribute less than 50% of post-tax profits.
The deadline for applications is 21 September 2018 (12pm).
Email Ugo.Ikokwu@sibgroup.org.uk or telephone 020 3096 7900