Thrive Together Fund
What is the Thrive Together Fund?
The Thrive Together Fund (TTF) provides a funding package of loan (75%) and grant (25%) to eligible charities and social enterprises in England.
The Fund is delivered by a skilled partnership made up of Social Investment Business, and us, Co-operative and Community Finance alongside the Fredericks Foundation, Groundwork, Homeless Link, and The Architectural Heritage Fund.
Who is it for?
Small and medium sized co-ops, community businesses, charities and social enterprises based in and delivering impact in England, who are trading and looking to grow or diversify their business models.
Am I eligible?
- *Co-ops and Community Businesses that have an asset lock and restriction on profit distribution.
- Based in England and improving people’s lives, or the environment they live in, in England
- A minimum of two years’ operating activity (in most cases)
- A minimum turnover of £100k in the last financial year
- A viable borrowing proposal.
* Incorporated = registered as a separate legal entity e.g. a society or company. Be registered in England as a Charity, Community Interest Company or Community Benefit Society. If registered as any other legal entity e.g. Co-op Society or Company, the enterprise must have a social object, an asset lock, and restriction on profit distribution (must distribute less than 50% of post-tax profits) written into its governing documents. CCF typically only support co-operative structures, but other partners maybe able to help if you are a more traditional charity or social enterprise.
CONFUSED? Don’t worry please talk with us if you aren’t sure about eligibility or just want to chat it through.
What could I receive?
Product
Blend of loan (75%) and grant (25%)
Amount
£25k – £150k (inclusive of 25% grant)
Repayment Term
1 – 6 years (inclusive of any capital repayment holiday)
Interest Rate
7.5% fixed per annum
Arrangement Fee
2% on loan value (added to loan balance)
Repayment
- Capital repayment holiday of up to 12 months at the start of the loan (optional)
- No early pre-payment fees
Security
Unsecured
Purpose
Any, including refinancing of existing debt
How do I apply?
Click ‘Apply Now’ to start your Thrive Together Fund application. And remember to tick Co-op & Community Finance to work with us.
How does the fund work?
The Thrive Together Fund (TTF) aims to strengthen communities through building resilience in charities and social enterprises. The Fund will look to expand the reach of social investment to smaller organisations or those based in disadvantaged areas.
With £3 million from Social Investment Business and £3.6 million from Access – the foundation for social investment, the Fund will combine grant funding with repayable finance providing a funding package of loan (75%) and grant (25%) to eligible charities and social enterprises.
By blending funds in this way, we think we can significantly increase the availability of finance to charities and social enterprises and help them to improve the lives of people and communities.
The Fund is supported by Access – the foundation for social investment through their Enterprise Growth for Communities (EGC) fund. Weil, Gotshal & Manges LLP provided the legal support to create the fund.
