Pro Social Business
SOCIAL BUSINESS GROWTH FUND
The Social Business Growth Fund (SBGF) is part funded by the European Regional Development Fund and Welsh Government and will support social businesses in Wales financially to enable them to grow and create job opportunities.
WHO CAN APPLY
Eligible social businesses include:
- Limited by Guarantee
- Charitable Incorporated Organisation (CIO)
- Community Interest Companies (CIC (including those limited by shares)
- Industrial and Provident Society (IPS) in the form of a Community Benefit Society
- 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)
WHAT FINANCIAL ASSISTANCE IS AVAILABLE?
Social businesses are invited to apply for a loan / grant of up to:
West Wales and the Valleys – £150,000
East Wales – £125,000
The structure of financial assistance available is:
40% a traditional grant
60% repayable assistance (0% interest, max 5yr term)
There is a match funding requirements of:
At least 40% in West Wales and the Valleys – Match funding can be in the form of a loan or WCVA loan as a potential source of match funding
At least 50% in East Wales – Match funding can be in the form of a loan or WCVA loan as a potential source of match funding
However the over achievement of job creation targets will be rewarded with turning an element of repayable assistance into non-repayable grant. 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 in launching a new or expanding a current service.
HOW WE CAN HELP
For more information the Social Business Growth Fund (SBGF) and how we may assist you please one of our team for a chat or email: email@example.com
Social Business Growth Fund
Before completing the application you will need to have an initial conversation with the Social Investment Cymru team we can support this process to ascertain eligibility.
THE 2 STAGES OF THE APPLICATION PROCESS
- Eligibility Questionnaire (EQ) – this determines your suitability for the fund and gathers required information about your organisation
- Financial Assistance Application – if you pass the eligibility questionnaire you will need to complete a specific application form in response to an Invitation to Apply (ITA).
Organisations that wish to submit an EQ will need to register on eTenderWales.
To access the EQ you may need some reference numbers which are as follows:
– The project code is 34425
– The PQQ/EQ code are 32198 (English) and 32222 (Welsh)