As the rapidly developing Coronavirus (COVID-19) and government response continues to unfold, here at Resonance we wanted to set out the initial financial action we are taking to support our social enterprise investees. Over the last week we have reached out to many of our investees and are actively feeding their thoughts, comments and situations into our approach. We have also been heavily engaged with the sector and government in order to understand the wider response and interventions.
We have informed all our investees personally, as well as outlining here our initial specific financial support:
With immediate effect all enterprises that we have invested in, that are already repaying capital or due to start capital repayments in the next six months, will be able to access a six month capital repayment holiday. This means that we will suspend capital repayments that they are due to make, if any. This measure has already been pre-authorized, so should they wish to take advantage of it, they have been asked to get in touch with their Resonance investment manager directly to discuss how this affects their loan.
We are aware that this support may need to extend further and are keen to work with our investees to understand exactly what support is required, whether that’s additional financial or non-financial support. As part of this we are currently in the process of reviewing our interest payment policy, and during the next week we will be in touch to communicate any additional financial support we can offer.
During these challenging times we’d like to reaffirm our promise that:
We would recommend that you keep up to date on the latest news on how to access the package of government support which can be found at: Government Support
For the latest news on how the social investment sector is responding to support social enterprises please visit the Good Finance website.
Whilst our physical offices remain closed, all the team at Resonance have the ability to work from home and we are fully functional. We would therefore reiterate - please do get in touch if there is absolutely anything the team at Resonance can help you with.
Health & Wellbeing Challenge Fund (South West)
Resonance North West SITR Fund
0161 883 1720
Resonance South West SITR Fund
0117 214 0325
Resonance West Midlands SITR Fund
0121 663 1583
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Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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