The Flexible Finance Fund is a partnership between Social Investment Business, The Ubele Initiative and Create Equity.
The £4 million Fund is expected to support around 15 to 25 Black and Racially Minoritised charities and social enterprises in England with a material package of funding and support to help them to grow or take on assets and become more resilient.
The funding serves multiple sectors including education, social justice, creative arts, digital and media.
Black and Racially Minoritised-led, legally constituted registered charities or social enterprises operating for at least two years with a minimum turnover of £200,000 in the last financial year and with 51% or more of their board and senior management team from Black and Minoritised ethnic backgrounds may apply for a blended loan and grant:
- Loans are £50,000 to £1.5 million with a term of one to six years.
- Unrestricted grants of £50,000 to £200,000 (ranges from 50% to 100% of the loan amount capped at £200,000). The grant is dispersed as a lump sum alongside the drawdown of the loan.
Funding can be used for anything that benefits the community the organisation operates in. It is an unrestricted fund, so, for example, the funding could be used to take on more staff, undertake building work or increase capacity through new projects.
The Black and Racially Minoritised grouping covers everyone outside the category 'White British'. This includes people identifying as Asian / Asian British; Black / African / Caribbean / Black British; White Irish or Gypsy, Traveller or Irish Traveller; mixed or multiple ethnic groups; Arab or Latinx; or any other 'non-White' British category.
Groups can receive pre and post application support from the Ubele Initiative and Create Equity, including support writing the application and working with organisations to gather information needed before Investment Committee.
Expressions of Interest are currently being accepted.
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