A loan/grant funding package is available for small community-led charities and social enterprises based and working in England to help them grow their services and become more sustainable.
First Steps Enterprise Fund (FSEF) is a £300,000 pilot fund to support community organisations that is managed by Social Enterprise Business on behalf of the Asda Foundation.
Objectives of Fund
The First Steps Enterprise Fund aims to help charities and social enterprises to improve people’s lives in communities in England by providing loan/grant packages that will help them grow their services and become more sustainable.
The pilot fund is £300,000.
A loan/grant package of up to £30,000 (90% loan and 10% grant) is available. A package of up to £50,000 will be considered in exceptional cases.
The loan element is charged at 5% (fixed) to be repaid over a period of four years with an optional capital holiday for the first year.
Match Funding Restrictions
Match funding is not required.
Who Can Apply
This fund is for community organisations (charities and social enterprises) looking to take on their first loan to to help them grow and become more sustainable.
To be eligible organisations should:
Be based and work in England.
Have been operating for at least one year.
Be able to provide evidence of need for and benefit to their local community.
Proposals must be able to explain how the organisation benefits and addresses the needs of their local community.
Preference is given to organisations that work in the following areas:
How To Apply
Applications can be made at any time.
Applicants should contact SIB's loans team to discuss potential applications or for further information.
Useful documents & links