UnLtd, the charity for social entrepreneurs has launched its new UnLtd Impact Fund.
The fund aims to address one the key challenges for early stage social ventures: getting to access to capital. The Impact Fund will invest in around 35 social ventures over the next three-years.
Initially, the UnLtd Impact Fund is looking to support social ventures tackling challenges related to training and employment – including school leavers and apprenticeships, further and higher education, unemployment and underemployment, and supporting those distant from the labour market.
Social ventures will be offered access to between £50,000 and £150,000 (as well as business support) of debt investment, which will include an element of grant funding. The level of grant funding is decided on a case-by-case basis, but it is expected to be an additional 15% of the loan amount. The
UnLtd Impact Fund offers unsecured business loans at an interest rate of 9.5% repayable over a maximum of five-years, with all Fund profits reinvested to support more social ventures.
In order to apply, applicants need to complete an Expression of Interest through the UnLtd website. Successful applicants will be invited to complete a full application which will include submission of a financial model.