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Big Society Capital has launched a Resilience and Recovery Loan Fund for social enterprises and charities affected by the Coronavirus pandemic. These frontline organisations are responding to the needs of the most vulnerable and deprived sectors of our community, and many are facing significant financial difficulties.
The fund, managed by Social Investment Business (SIB) will enable social lenders to provide emergency loans to affected social enterprises and charities without requiring personal guarantees and without charging fees or interest for 12 months. Big Society Capital will provide an initial investment of £25 million, with loans backed by the Government’s existing Coronavirus Business Interruption Loan Scheme (CBILS) and issued through SIB working initially with Charity Bank, Social and Sustainable Capital and Big Issue Invest. RRLF forms part of a wider spectrum of support being provided by social investors, charitable foundations and Government, helping social sector organisations to survive in these challenging times, so that they can continue to improve people’s lives across the UK
Hogan Lovells advised Big Society Capital on its role as loan facility agent, security agent and lender.