Charities and social enterprises in Kent can now benefit from a fantastic boost to the Kent Social Enterprise Loan Fund (KSELF), which is delivered by Kent Community Foundation thanks to The Growth Fund, managed by Access - The Foundation for Social Investment and funded by Big Lottery Fund and Big Society Capital.
Thanks to this support KCF can now offer a higher level of grant as part of the KSELF, which was originally established with funding from Kent County Council in 2012. Combining grants with loans, KSELF now offers bespoke funding of between £10,000 and £100,000 to groups and encourages taking a more enterprising approach to achieving positive change in our communities. Since the original launch of the social lending programme, Kent Community Foundation has supported over 200 organisations and has provided loans and grants to the value of £1.238m.
The Kent Social Enterprise Loan Fund (KSELF) is a blended loan and grant fund, which will offer unsecured loans to assist new and existing social enterprises in Kent with the potential to expand into Medway. There will be a flat interest rate of 5% with a split between capital and interest payments remaining fixed throughout the term.
The financial package will include an element of up to 30% grant. In addition to the funding provided through the Scheme, investment readiness and business support will be provided by Kent Community Foundation’s dedicated Investment Fund Manager throughout the whole process.
Josephine McCartney, chief executive at Kent Community Foundation said: “We are delighted to announce the launch of KSELF, a blended loan and grant fund which will open up access to much needed finance for charities and social enterprise businesses in Kent and Medway. We hope that the additional grant offering will encourage more organisations to consider this funding option.”
Mike Hill KCC cabinet member for customer and communities, said: “With the injection of further funding, it is now time for Kent to really get behind social enterprises and support them in their hugely valuable efforts in making communities better. It is also an excellent opportunity for new organisations, who want to make a difference, to realise their ambitions to benefit individuals and local businesses.”
Seb Elsworth, Chief Executive of Access said: “We are very pleased to be supporting Kent Community Foundation in being able to offer more social investment to help charities and social enterprises improve people’s lives and communities in Kent. This is a great example of a Community Foundation offering loans as well more traditional grants to be able to offer the sector the broadest range of support.”
If you are a social enterprise interested in applying for a loan, visit our website to download and complete the Loan Enquiry form: www.kentcf.org.uk/apply/apply-for-a-loan or call James Horne, investment fund manager, for further information on 01303 814 500.
Pictured: Gregory Maynard, Josephine McCartney, Mike Hill, Michael Lane and Alice Wells