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Social enterprises to benefit from £500,000 grant

Tags: Securing Funding | social enterprise

TSELFA loan fund helping social enterprises throughout England has received a £500,000 boost to North West organisations struggling to obtain funding in the current economic climate.

 

Roy White, North West regional director at The Social Enterprise Loan Fund (TSELF), said: "We have a vibrant social enterprise sector in the North West which we are committed to helping to grow.

 

The Northwest Regional Development Agency (NWDA) and the European Regional Development Fund (ERDF) each awarded £250,000 grants to TSELF, which will be used to provide Small Loans for Social Enterprise awards of up to £50,000 to help more organisations in the North West.

 

Steven Broomhead, chief executive of the NWDA, (managing body of the Northwest ERDF programme), said: "The Small Loans for Business scheme is designed to help Northwest business owners, entrepreneurs, charities and social enterprises start up and expand their businesses."

 

He says that in the past two years, the fund has granted small loans to new and growing social enterprises, making it simpler for more people to get the money needed to launch and expand regional social organisations.TSELF supports social enterprises and their social regeneration projects in England by providing financial loans, which in turn helps them to create more jobs and training places.

 

Steven said: "This type of funding has been vital for some social enterprises over the past year with the challenging economic conditions making it difficult for enterprises to access finance from traditional commercial sources."He believes the grant will allow TSELF to lend to social enterprises and charities in the Northwest they have never worked with before, which have been unable to secure funding from the more well-known sources.

 

Catalyst Science Discovery Centre in Widnes have already used their £50,000 TSELF loan to employ a full-time marketing manager, with a view to increasing national awareness of their award-winning galleries, lessons and interactive shows.

 

TSELF aims to help organisations that have a social impact, especially those working in disadvantaged communities.Roy White said: "The work of social enterprises is invaluable and we are keen to hear from such organisations which need to secure additional funding."

 

TSELF continues to provide loans to social enterprises and charities throughout England from £3,000 to £250,000.Roy says: "We are here to help, so we would encourage any social enterprises looking for loans, to contact us immediately."

 

For more details about TSELF in the North West visit http://www.tself.org.uk or call 01829 261019.

 

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