Big Lottery Fund Adds £10m to Big Potential Fund
Charities and social enterprises in England that are seeking funding to get investment ready will be delighted to hear that the Big Lottery Fund has added another £10 million to the Big Potential Fund.
The Big Potential Fund was launched a year ago with £10 million in funding from the Big Lottery Fund. The three-year programme is managed by Social Investment Business in partnership with Locality, Charity Bank, Social Enterprise UK, and the University of Northampton.
Big Potential is a specialised grant and support programme aimed at voluntary, community and social enterprise (VCSE) organisations in England who might not have considered social investment before. To be eligible, applicants must be considering taking on social investment and can raise up to £500,000 of repayable investment.
There are two possible applications routes: Breakthrough and Advanced. Until now, only the Breakthrough has been available. The Advanced route will open this summer to organisations that are at a more advanced stage and are on the brink of securing investment. The Advanced Route will allow VCSE applicants to access grants of up to £150,000 if they are looking to raise investments of more than £500,000 and win contracts of more than £1 million. They should also be clear about how social investment will work for their organisation and be able to describe a potential deal or interest from investors and need help to close that deal. Interested organisations can register their interest now on the Big Potential dedicated website to receive an email update as soon as information about the launch dates becomes available.
The Breakthrough Route has also lowered the minimum grant from £25,000 to £20,000 so that now the range of grants is from £20,000 to £75,000.
In addition to the funding, applicants have access to high quality specialist support from the fund’s approved providers that have a proven track record to helping similar organisations successfully raise new investment.
Further information can be found on the Big Potential website
Source: SIB, 04/02/2015go back to the news page