The first loan has been made from the Somerset Social Enterprise Fund
We are delighted to announce that Taunton Athletic Club has become the first beneficiary of a loan from the Somerset Social Enterprise Fund (SSEF), a fund administrated by Somerset Community Foundation and funded by Somerset County Council. The fund offers loans of between £10,000 and £100,000 to support new and established social enterprises in Somerset to grow and prosper.
The £25,000 loan which has been made to Taunton Athletics Club will help the club increase membership and complete refurbishments to the club house and other facilities. Somerset Community Foundation Chief Executive Justin Sargent said "Taunton Athletics Club plays a very important part in promoting healthy living, healthy communities and sporting achievement in our county town, and we are pleased to support its development with this loan". Somerset County Council leader John Osman said: "As an authority we are pleased to be able to support social enterprises and the work of those who make them possible. Without them, our communities in Somerset would undoubtedly be poorer. I'm thrilled that Taunton Athletics Club, one of the oldest athletics clubs in the country, has been first to benefit."
SSEF funding is available to organisations working within Somerset who are able to demonstrate that they are social enterprises - community-focused organisations which operate in a commercial manner for the benefit of the community and people around them. They come in many different forms including charities, community interest companies, companies limited by guarantee or industrial and provident societies. Whilst the SSEF is primarily a loan fund, there is the possibility of an element of grant funding alongside loans. The team are also happy to discuss eligibility and business plans with applicants.
If you are interested in finding out more about the Somerset Social Enterprise Fund and how to apply for a loan please click here or contact Somerset Community Foundation Chief Executive Justin Sargent on firstname.lastname@example.org.