First Steps Enterprise Fund – Asda Foundation
First Steps Enterprise Fund (FSEF) is a £300,000 pilot fund to support community organisations. The Social Investment Business manage this fund on behalf of the Asda Foundation.
Funding is available for community organisations (charities and social enterprises) based in England that are looking to take on their first loan to help them grow and become more sustainable. Particular preference is given to organisations that work in the following areas:
- Older people
- Health and wellbeing
- Employment for young people
Funding packages of up to £30,000 are available (90% loan and 10% grant). The loan element is charged at 5% (fixed) to be repaid over a period of 4 years with an optional capital holiday for the first year. Up to £50,000 is available for exceptional cases.