The Resilience & Recovery Loan Fund (RRLF) is a new fund for social enterprises and charities across the UK who are experiencing disruption to their normal business model as a result of COVID-19. It has been established 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 to 50 charities and social enterprises, with a total value of over £16m.
The RRLF is being run by Social Investment Business (SIB) with an initial £25m investment and support from Big Society Capital. SIB is the lender, and will work with experienced social investor partners on delivery of the fund. The loan finance element of the fund is backed with a £4m grant funding pot for those who might struggle to take on a pure loan. The closing date for applications for the RRLF has been extended to March 31st 2021 – Eastside Primetimers is available to support applicants who hope to access this fund.
RRLF is intended for those organisations who face a problem because expected income and activity has been delayed or disrupted. A loan may help with this, providing working capital until normal business can commence again. Eligible organisations with a turnover of between £400,000 and £45m can apply for loan of between £100,000 and £1.5m, for a term of 1-5 years.