On Monday, a new Covid-19 emergency loan scheme was launched, the Resilience and Recovery Fund.
RRLF is managed by Social Investment Business (SIB) and SASC is a delivery partner, alongside Big Issue Invest and Charity Bank. It aims to make the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) more easily accessible to charities and social enterprises. It has been established with £25m of investment from Big Society Capital. As a delivery partner, SASC’s role is to complete due diligence on applications received by SIB, and make recommendations their Investment Committee.
The fund will be just one source of support that charities can access. SASC is working with our borrowers to make sure that they are aware of all avenues of funding available to them. In fact, business continues as usual.
Throughout April, SASC staff have been in close contact with our portfolio organisations. A lot of our borrowers are delivering government contracts and these continue, albeit adapted for social distancing measures. Some, sadly, have seen an increase in demand for services and are expanding provision. All have risen to the task of working in their communities in these unprecedented times.