First Ark Social Investment offering £50,000 loans to help social organisations 'Thrive'
First Ark Social Investment (FASI) has today launched the ‘Thrive Fund’, which will offer unsecured loans of up to £50,000 to social enterprises and charitable organisations, allowing them to grow their organisations and deliver even more social impact to their communities.
The fund joins FASI’s already existing funding opportunities in the North of England, including the Invest for Impact fund, all of which have a shared purpose of improving lives and helping develop sustainable social enterprises and organisations. FASI is also an access point for the Reach Fund, which aims to get organisations ‘investment ready’ with smaller grants and personalised support.
Organisations who receive a loan from the Thrive Fund, which is offered at an interest rate of between 7% and 14%, will benefit from a number of features, including the option to take a capital repayment holiday for up to six months.
Successful applications to the Thrive Fund will also benefit from a dedicated investment support manager, who will be available to offer support during the application process and after the funds have been awarded.
This support manager will provide invaluable help and guidance to ensure organisations are making the most of their investment and will act as a first point of contact throughout the process. This also includes assisting organisations with exploring other funds and opportunities that they could consider applying for.
Hannah Jones, Group Head of Investment at First Ark, said:
“We’re really pleased with the success we’ve seen so far from our Invest for Impact fund, which has already awarded over £2.5 million in funding for social enterprises and charitable organisations in the North West. We’re confident the Thrive Fund will see similar levels of success and we’re proud to expand our funding opportunities, so we can help local organisations deliver as much social impact as possible.
“With a whole host of benefits including a dedicated support manager, we can enable organisations to spend less time worrying about finances and spend more time making a real difference to their community. This is a fantastic opportunity for organisations to make their organisations stronger, expand their teams or refurbish their facilities, and I would encourage anyone interested to contact the team and see if the Thrive Fund is right for them.”
Loans from the Thrive Fund begin at £10,000 and applications are open now. Anyone who is interested in speaking to First Ark Social Investment about the Thrive Fund or any other funding opportunities for their social organisation is encouraged to call 0800 464 0797 or visit firstarksocialinvestment.com.