Challenge Academy Scales New Heights With £150,000 SITR Funding
WHAT YOU NEED TO KNOW TO GET INVESTMENT FROM THIS FUND
The Resonance North West Social Impact Investment Tax Relief (SITR) Fund is our most recent regionally focused SITR Fund.
This Fund was launched on 16 May 2019, with first close target of £1.5m, focusing on social enterprises across the North West region, including Greater Manchester and Liverpool.
The Fund offers unsecured loans over a six year term, “interest only” for the first three years.
Resonance selected SITR as the framework for the Fund because the legislation is specifically designed to support the social enterprise sector to access social investment more affordably, whilst attracting investment from individual social investors.
- GEOGRAPHY: North West
- IMPACT FOCUS: Dismantling poverty
- WHAT WE FUND: Social enterprises that need investment to grow
- AMOUNT: £100K-£500K
- COST: Around 6% per annum (+/- depending on business risk)
- TERM: 6 year loans interest only for first 3 years (equity investment also available)
- SECURITY: Unsecured