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Why do we offer loans?
We want to gain the maximum benefit for people in our area. By offering loans in addition to our grants, we can bring back a proportion of the money we give out to help others and use it again. Making grants is still the biggest part of our job; offering loans is a way of adding to what we already do. The Foundation’s loans come from our reserves, not from the budget for our main grant programmes. We operate our loan scheme in partnership with Charity Bank.
Some organisations, like social enterprises, are better suited to loans than grants, because they are focused on earning their own income, and so are in a position to pay back loans. Loans also work for voluntary organisations that need to plug gaps before money comes in, those wanting to make major purchases (like a building), or those wanting to increase their capacity so they can bid for contracts from statutory bodies.
What can a loan be for?
• Capital expenditure e.g. the purchase or renovation of buildings, environmental improvements, equipment or alterations for disability access.
• Developing new activities or expanding your services.
• Regular commitments.
• Working capital so you can get a project underway while you’re still waiting to hear about other investment.
• Bridging funds so you can keep a project going when there’s a gap in funding.
General information about our loans
• We will not normally offer loans for less than £5,000 or for more than £500,000.
• We will not normally offer terms of less than six months or more than five years.
• We set interest rates and repayments on a case-by-case basis. Our interest rates are normally 1-2% above the Bank of England base rate.
• The majority of our loans are secured.
• We do not normally charge lending or early redemption fees, but there may be other costs associated with a loan. Please read our information for applicants for more details.
Making an application
Before deciding whether to apply for a loan you must read the information for applicants which you can download as a pdf file by clicking on the image below.
The Foundation has a special application form for loans, which you can also download by clicking on the image below. If you are applying for a loan you must complete this form, not a grant application form. You should complete the loan application form and send it to us with the additional information required. If you don’t send all the required documents it will delay the processing of your application.
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The Old Chapel
Woodbine Road
Gosforth
Newcastle upon Tyne
NE3 1DD
Tel: 0191 284 8412
Fax: 0191 284 8413
Minicom: 0191 284 5411
 click to email us |
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