NEW GRANT: Social Business Growth Fund
The Social Business Growth Fund (SBGF) is part funded by the European Regional Development Fund and Welsh Government and will ill support social businesses (see legal forms below) in Wales financially to enable them to grow and create job opportunities.
Social businesses are invited to apply for up to:
- West Wales and the Valleys – £150,000
- East Wales – £125,000
The match funding requirements are:
- At least 40% in West Wales and the Valleys (a loan from WCVA would be a potential source of match funding)
- At least 50% in East Wales
The structure of financial assistance available is:
- 40% a traditional grant
- 60% repayable assistance (0% interest, max 5yr term).
However, the over achievement of job creation targets will be rewarded with turning an element of repayable assistance into non-repayable grant.
*To ‘count’, jobs need to be created within 12 months of the date of your offer letter and need to be sustained for 6 months. Contracts of employment will be needed as evidence.
The grant is available for both capital and revenue costs, although revenue costs must be tired to supporting the salary costs in launching a new or expanding a current service.
Eligible social businesses include:
- Limited by Guarantee
- Charitable Incorporated Organisation (CIO)
- Community Interest Companies (CIC (including those limited by shares)
- Industrial and Povident Society (IPS) in the form of a Community Benefit Society (BenCom)
- Financial Mutuals
- Limited by shares where all shares are held by one of the above (i.e. wholly owned social enterprise subsidiary of a charity)
For more information of this grant, or to see if you are eligible for any other funded support, please call the office and speak to one of our consultants.