First Ark Social Investment (FASI) has today launched the ‘Thrive Fund’, which will offer unsecured loans of up to £50,000 to social enterprises and charitable organisations, allowing them to grow their organisations and deliver even more social impact to their communities.
The fund joins FASI’s already existing funding opportunities in the North of England, including the Invest for Impact fund, all of which have a shared purpose of improving lives and helping develop sustainable social enterprises and organisations. FASI is also an access point for the Reach Fund, which aims to get organisations ‘investment ready’ with smaller grants and personalised support.
Organisations who receive a loan from the 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 applications to the Thrive 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 invaluable 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 £2.5 million 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.
“With a whole host of benefits including a dedicated support manager, we can enable organisations to spend less time worrying about finances and spend more time making a real difference to their community. This is a fantastic opportunity for organisations to make their organisations stronger, expand their teams or refurbish their facilities, and I would encourage anyone interested to contact the team and see if the Thrive Fund is right for them.”
Loans from the Thrive Fund begin at £10,000 and applications are open now. Anyone who is interested in speaking to First Ark Social Investment about the Thrive Fund or any other funding opportunities for their social organisation is encouraged to call 0800 464 0797 or visit firstarksocialinvestment.com.
Notes to Editors
First Ark Social Investment is part of the First Ark Group who are dedicated to creating success that changes people’s lives. Through the practice of successful and responsible business, First Ark provide support for positive initiatives across the North West.
First Ark work to regenerate and develop neighbourhoods, provide facilities management services to its customers and create life changing opportunities that inspire people and generate growth in the communities in which it works.
The First Ark Group provide a range of products and services including:
- Homes for rent including lettings and supported living.
- Homes for sale including a range of purchase options.
- Business and Property services including facilities management, refurbishment and repairs.
- Delivering social impact through creating and supporting partnerships
- Managing, attracting and providing charitable investment that creates life-changing. opportunities and stimulates economic growth in the local community.
- Home solutions including care products and services.
- A Social investment fund to support and grow social impact businesses.
Website (FASI): https://firstarksocialinvestment.com
Access – The Foundation for Social Investment exists to bridge the gap between charities and social enterprises and social investors. Access does this through two main programmes: the Growth Fund which blends grant from Big Lottery Fund and loan from Big Society Capital and is focused on enabling the provision of the simple and affordable investment products that charities and social enterprises tell us they need; and the capacity building programme, which provides charities and social enterprises with the support they need to get ready to take on investment.
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- The Big Lottery Fund supports the aspirations of people who want to make life better for their communities across the UK. We are responsible for giving out 40% of the money raised by the National Lottery for good causes and invest over £650 million a year in projects big and small in health, education, environment and charitable purposes.
- Since June 2004 we have awarded over £8 billion to projects that make a difference to people and communities in need, from early years intervention to commemorative travel funding for World War Two veterans.
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Big Society Capital
Big Society Capital is a financial institution with a social mission, set up to build the social investment market in the UK, so that charities and social enterprises can access appropriate repayable finance to enable them to grow, become more sustainable and increase their impact on society. It is doing this by building a diverse social investment market: encouraging investors to lend or invest money to achieve a social as well as a financial return. Since it was set up as an independent organisation in 2012, Big Society Capital has invested over £200 million in specialist organisations who lend to charities and social enterprises.
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