Social Business Growth Fund

Project description

The Social Business Growth Fund (SBGF) supports social businesses in Wales financially to enable them to grow and create job opportunities.  Financial assistance of up to £150,000 is available in West Wales and the Valleys and £125,000 in East Wales.  Match funding of 40% of the total cost is required in West Wales and the Valleys and 50% is required in East Wales.

Delivery model

SBGF is delivered via an innovative model whereby 40% of the funding awarded is in the form of a traditional grant and the remaining 60% as repayable financial assistance.  The amount repayable can be reduced through over achievement of job creation targets.  Any remaining amount of repayable financial assistance is repaid over a period of up to 5 years after the end of the 18 month project period at 0% interest.

Applications can be made online via e-tenderWales.  There is a two stage application process, the eligibility questionnaire (EQ), and for those who pass the EQ a Financial Assistance Application.

Geographical coverage

The project will benefit all local authority areas of Wales.

Essential eligibility criteria

Eligible organisation legal structures are:

• Company Limited by Guarantee
• Charitable Incorporated Organisation (CIO)
• Community Interest Companies (CIC) (inc those limited by shares)
• Industrial and Provident Society (IPS) in the form of a Community Benefit Society (BenCom)
• Financial Mutuals
• Limited by shares where all shares are held by one of the above (i.e. wholly owned social business subsidiary of a Charity)

Specific targets

Job creation as a result of the funded activity.  Targets are set based on the level of funding awarded and equates to £20,000 of funding per job created and sustained.

Contact details

Name: Alun Jones
Email: sic@wcva.org.uk
Telephone: 0800 2888 329
Address: WCVA, Baltic House, Mount Stuart Square, Cardiff, CF10 5FH
Website:
Twitter:

Progress

Progress to end June 2017

Twelve projects approved with a number having started delivery. No outputs to report.