Blended funding sees grants added to loan fund [ GRANT FUNDING of £4m has been announced by Social
Investment Business (SIB) and Access – The Foundation for Social Investment – to be used alongside SIB’s Resilience and Recovery Loan Fund (RRLF), to support charities and social enterprises based in and delivering most of their impact in England. The £4m is a part of £30m Access has received from dormant bank accounts to create new blended finance solutions for charities and social enterprises in England impacted by the COVID-19 crisis. The new blended grant funding will be delivered by SIB, with money from Access, working with its experienced partners on delivery: Big Issue Invest, CAF Venturesome, Charity Bank, Resonance, and Social and Sustainable Capital. The Resilience and Recovery Loan Fund continues to be a loan programme and applicants must apply for a loan. They may be approved for a loan without any grant award alongside it. Grants will only be awarded alongside a loan if it is clear that the COVID-19 interruption to an organisation’s business model means that they would struggle to meet the viability threshold for a loan without the grant. In that sense, the grant enables use of the loan fund and it is hoped that this will widen the reach and accessibility of the fund. Assessed on a case-by-case basis alongside the loan, the
grants awarded will range in size from £40k to £300k and can be 20%-40% of the loan amount. Nick Temple, chief executive of SIB, said: “We are delighted to receive this £4m from Access, which will enable the Resilience and Recovery Loan Fund to help more organisations in need in England. Since launching RRLF, we have been transparent that loan finance will not suit all charities and social enterprises, but that we hoped it would for some. Introducing this blended finance solution to RRLF widens the accessibility of the fund to organisations who would otherwise struggle to meet the viability threshold for a loan. If we are truly to Build Back Better, patience and flexibility are absolutely key for a fairer funding structure in the recovery.” His counterpart at Access, Seb Elsworth, added: “Blended finance can help more charities and social enterprises to benefit from social investment, and that applies to emergency lending, too. We are pleased to be working with SIB and partners in the Resilience and Recovery Loan Fund, using grant funding in smart ways to expand the reach of the fund and help more organisations to survive and thrive beyond the pandemic.” q • To find out more about RRLF, how to apply and the eligibility criteria for the grants blend, visit the RRLF website at www.sibgroup.org.uk/resilience-and-recovery-loan-fund.
Helping the forgotten people of Zimbabwe [
ZANE: ZIMBABWE A NATIONAL EMERGENCY is a UK registered charity working to help the most destitute, vulnerable and impoverished people in Zimbabwe. It is the largest supplier of financial aid to elderly people in Zimbabwe who lost their life savings and pensions in the economic collapse and subsequent hyper-inflation. This includes over 600 frail veterans and their widows who fought for the Crown. ZANE assists with rent, medical bills and food – and, crucially, also provides comfort, advice and support. In addition, ZANE funds a clubfoot correction programme, successfully treating over 3,800 children to date. It funds the provision of prosthetic limbs for victims of landmine explosions and assists people with hearing loss. ZANE also funds education programmes including the provision of pop-up classrooms in highdensity townships for children who would otherwise not receive an education. It runs creative therapy workshops for women living in extreme poverty who are victims of political violence and trauma. Zimbabwe remains in a state of crisis. The economy teeters on the brink of collapse. Fuel shortages are commonplace and with food prices escalating, ZANE’s aid is needed more than ever by the most destitute people in Zimbabwe. q • To find out more about the work of ZANE visit www.zane.uk.com
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