The fund is aimed at social enterprises supporting people at high health risk from COVID-19, and those supporting people facing increased social and economic challenges as a result of COVID-19. It is committed to inclusion, working to ensure that the grants reach groups that are led by people from BAME communities, LGBTQ+ communities, people with disabilities, and leaders with lived experience of the issues that the social enterprise is addressing.
The funding is intended to help social enterprises meet additional demands, change the way they work, make their spaces COVID-secure, and manage liquidity during the next six months.
A total of £18.7 million will be awarded in grants.
Grants of between £10,000 and £300,000 are available. However, as funding is very limited, most grants will be in the range of £10,000 to £50,000.
Grants exceeding £50,000 will require additional information and thus will take longer to process.
Grant awards of over £100,000 will be rare and will require additional due diligence checks and a telephone interview.
In order to manage the flow of applications, funding will be released in three rounds.
The application windows are:
- Round 1 is open from 1pm on 13 July 2020 until 1pm on 20 July 2020.
- Round 2 is open from 1pm on 13 August 2020 until 1pm on 20 August 2020.
- Round 3 is open from 1pm on 10 September 2020 until 1pm on 17 September 2020.
If the Fund is heavily oversubscribed, which is likely, application rounds may close early. Organisations are advised to apply early to ensure their application is considered.