Transforming Suffolk Loan Fund
|Applications accepted from Social Enterprises?||Yes|
|Maximum grant available||£50,000|
|Deadlines||Open all year round|
Loans are available for charitable, voluntary and community groups delivering work in Suffolk.
Loans of between £1,000 and £50,000 are available for charitable organisations and social enterprises who are based in Suffolk and delivering primarily in the county, and can demonstrate that they have the capacity to repay the loan.
Term and Interest Rates
The term is between one and five years.
There will be an interest rate determined at the time of your application, but likely to be around 5% above Bank of England base rate. You will need to speak to the Foundation about interest rates at the time of your application. You will be advised of the actual rate at that time.
Who is not eligible for a loan?
– Geographical limitations
The Foundation makes loans available for the benefit of people living or working in Suffolk. Where a percentage of the project is to benefit Suffolk, a grants panel may award a percentage of the amount requested appropriate of the overall benefit to Suffolk.
– Sole Traders
The loan scheme currently excludes sole traders.
– Capital Projects
Investment in capital assets will only be accepted where the asset (eg building or equipment) is already owned or is going to be owned by the applying organisation.
Your application can only be processed if you have the correct supporting documentation.
You will need to supply:
- Governance documentation – including evidence that constitutionally you can apply for a loan
- A business plan including income and expenditure forecasts
- Management accounts and most recent annual accounts
- Details of existing loans and other financial commitments
- Bank statements from the last three months
What to do next
You will need to download the Enquiry Form below and return this to us. Please ensure the form has been fully completed and that all supporting documentation has been provided.
What will happen next
Your enquiry form and accompanying documentation will be handed to the Grants Team for their attention. You will likely be contacted by a Grants Officer who will ask questions and clarify any points that are unclear. A short appraisal will be made and then your enquiry form and accompanying paperwork, together with the appraisal will go to Suffolk County Council for a decision to be made on the next steps.
Suffolk County Council will consider your initial enquiry and report back to the Foundation with an invitation to proceed to the full application or will give reasons why they consider your proposal is not acceptable.
You will be informed at the earliest of the decision of Suffolk County Council, and if appropriate be given the opportunity to resubmit your request for a loan.
If you are invited to apply for a loan the application form will be provided and you will receive clear information on the term and interest rates to be made available to you.
Once your completed application form is received you will be guided through the next steps of the loan agreement process.