£4m fund launches for charities working in most deprived areas

Social Investment Business (SiB) has launched a £4m fund for charities and social enterprises in the 30% most deprived areas of England to support people impacted by the cost-of-living crisis.

Its Cost-of-Living Fund will offer grants ranging from between £10,000 and £150,000 and loans to help charities to continue supporting communities, increase those it can help as well as launch new services and improve the quality of help it can offer.

Funding is needed to provide mental health support, financial help, free meals, and warm banks during the winter, according to a survey of charities and social enterprises, carried out by SiB.

The funding scheme is being supported by Access – The Foundation for Social Investment and is blended, with loans of between £150,0000 and £1.5m also on offer. The minimum loan size has been reduced to £50,000 for global majority organisations and those based in Wales and Scotland.

Organisations can only receive a grant if they are successful in applying for a loan.

“Charities and social enterprises were instrumental in supporting people in their communities through the pandemic,” said Social Investment Business director of grants and investments Rob Benfield.

“Once again, they are working on the front-line of an emergency response and need rapid funding to increase the number of people they can support.

“The Cost-of-Living Fund will help to fulfil some of this need at a critical time as household food and energy costs remain high as we head into the winter.”

Access programme manager Greg Woolley added: “Access is very pleased to make a grant award to Social Investment Business from our Cost-of-Living programme. 

“The programme aims to get rapid finance to work to support impactful and enterprising charities and social enterprises addressing cost of living issues in communities, and we feel that the Recovery Loan Fund will be a great route to achieve that aim.”