The Somerset Social Enterprise Fund (SSEF) has been established with initial funding from Somerset County Council to provide loan finance to support new and established social enterprises.
Whilst the SSEF is primarily a loan fund, there is scope for an element of grant funding.
The SSEF is intended to:
- Improve access to finance for social enterprises in Somerset
- Increase the number of social enterprises in Somerset attaining the ‘Social Enterprise Mark’
- Enable and support measurable improvement in benefits delivered to local communities through increasing activity of social enterprises
A key attribute of the SSEF will be that loan repayments and interest will be ‘recycled’ into further loans and, thus, the fund will be self-sustaining.
Features of the SSEF include:
- Loan amounts from £10,000 to £100,000
- Flexible and tailored packages – secured and unsecured
- Fixed interest rates
- On-going supportive relationship
Each loan will be made subject to general and specific terms and conditions.
Each loan will be subject to a 1% fee, that may be added to the loan and which contributes to costs incurred in establishing and maintaining the SSEF.
Click here to find out if your organisation is eligible;
Click here to find out how to apply; and/or
Click here to download a full Somerset Social Enterprise Fund information pack.