New Community Asset Loan Fund announced
Funded by Welsh Government, the Community Asset Loan Fund will offer loan finance for groups looking to bring property into community ownership.
The Community Asset Loan Fund (CALF) is a new scheme funded by Welsh Government and managed by our Social Investment Cymru team.
Loans will be available to allow voluntary organisations to take ownership of an asset for the community. CALF has been designed to reward those who can demonstrate a commitment to tackling poverty or climate change, with opportunities for reductions in the standard interest rates.
WHAT CALF CAN OFFER YOU
CALF is being managed by WCVA’s Social Investment Cymru team which aims to lend where traditional lenders won’t. The loan fund is an exciting new addition to our range of loans, grants and blended investment options for voluntary organisations in Wales.
Loans up to the value of £300,000 will be available for the purchase of property for community use, or for use by groups that will benefit the community such as charities, social enterprises or Community Interest Companies (CICs).
Unlike traditional bank loans CALF can fund up to 100% of the property value.
CALF will also complement existing loan arrangements. Organisations that already have plans in place to part finance the purchase of a property are encouraged to contact Social Investment Cymru to see how we can support you to make up the difference.
REDUCED RATES FOR SUSTAINABLE DEVELOPMENT
We’re working with our sister organisation Cynnal Cymru, the leading sustainable development organisation in Wales.
A reduction in interest rates of up to 1% is available for organisations that are, or will become, Living Wage accredited and / or those implementing and maintaining an environmental action plan.
Small grants are also available at the time of purchase to help organisations to develop and implement an action plan to address climate change for the management of their property.
Minister for Social Justice, Jane Hutt, said:
‘The voluntary sector in Wales is a vital part of the support for our communities and I am delighted to see the Community Asset Loan Fund launching during Charity Week. This fund will help communities take ownership of the land and buildings they value the most.
‘Community-owned and operated facilities help deliver our well-being objectives to make our cities, towns and villages even better places in which to live and work and to embed our response to the climate and nature emergency in everything we do.’
Alun Jones, Head of Social Investment Cymru at WCVA said:
‘We’re really pleased to announce this new loan fund as we celebrate Welsh Charities week and the voluntary organisations that enrich all of our lives here in Wales.
‘We hope the scheme will allow groups to continue to make meaningful contributions to their communities long into the future. I’d encourage anyone interested in taking advantage of the fund to contact the Social Investment Cymru team to find out more.’
FIND OUT MORE
The Community Asset Loan Fund will be open for applications soon. For more information or to express an interest please contact Social Investment Cymru on sic@wcva.cymru.
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