The Somerset Social Enterprise Fund (SSEF) is a locally managed social investment fund designed to help voluntary, charity and social enterprise (VCSE) organisations in Somerset start new initiatives or grow successful ones to become more financially sustainable.
SSEF provides blended social investments, combining loans and grants, thanks to funding from Somerset County Council and the Growth Fund, which is managed by Access – the Foundation for Social Investment with finance provided by The National Lottery Community Fund and Big Society Capital. The Fund supports work that will make a social impact within local communities while also generating a financial return.
We understand that social investment will be new to many local VCSE organisations. Unlike regular grants programmes, successful applicants receive a lot of advice and support from us, and others, to help them succeed in their venture.
You can read how grants from our Coronavirus Response and Recovery Fund have made a difference to some social enterprises in Somerset, here.
Features of the SSEF include:
- Blended, unsecured social investment of between £10,000 and £100,000
- Grants will normally be up to 50% of the value of an accompanying loan (e.g. a grant of £20,000 and a loan of £40,000)
- On-going support to help you succeed in your venture or project
- Fixed interest rates (currently 6%*)
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.
If you have a project in need of funding that you feel could generate a financial return while delivering a social benefit, SSEF may be the right fund for you. Please contact us on 01749 344949 or email firstname.lastname@example.org to find out more.
*As at 20/09/2017