Organisations can borrow between £10,000 and £50,000 from Thrive Fund at an interest rate of between 7% and 14% with the option to take a capital repayment holiday for up to six months. Tony McDonough reports
Merseyside housing and social impact group First Ark is launching a fund that will offer unsecured loans of up to £50,000 to social enterprises and charities.
A division of the business, First Ark Social Investment (FASI), already offers other funds to not-for-profit organisations across the North of England, including the Invest for Impact fund.
Organisations who receive a loan from the new 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 applicants to the 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 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 £2.5m 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.”
Loans from the Thrive Fund begin at £10,000 and applications are open now. For more information call 0800 464 0797 or visit firstarksocialinvestment.com