Allerdale Social Impact Investment Fund (SIIF) loans
Funding is provided by Sellafield Ltd to the council to deliver a range of social outcomes linked to its Socio-Economic Strategy.
The SIIF scheme is designed to be a source of funding to enable business growth to happen through making up the shortfall after the business has exhausted remaining sources of funding.
New businesses must seek business advice from accredited providers – see public sector sources listed below.
Apply for a loan from the SIIF funding
In total, £500,000 is available and the loans will be administered on our behalf by Penrith-based finance firm Enterprise Answers . The scheme allows businesses to apply for between £10,000 and £75,000 to help them with any expansion plans. The interest rate on the loans will be between six per cent and 12 per cent depending on the size of the loan, its length and any risks associated with it. Enterprise Answers can also help businesses secure other funding if they need more than our maximum.
If a loan is awarded, the recipient will agree to be monitored on achievement of outputs and expenditure in accordance with the terms within the offer letter.
Recipients' details will be published in accordance with the requirement from Department for Communities and Local Government (DCLG) for all local councils and fire and rescue authorities in England to publish spending information over £500 online.
Contact us for more information on the SIIF grant scheme.
Past SIIF funded projects
The Council prioritised jobs and growth in the Council Plan 2015-19, and supports activity that demonstrates the ability to protect existing jobs or create new ones. For details of the projects the scheme has supported recently, download the SIIF annual report below:
SIIF annual report
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Public sector sources of business support
Starting a new business
- Government guidance
- Money Advice Service
- Cumbria Business Growth Hub gives access to services – including advice, training, events, funding, networking and more – delivered directly through the Growth Hub or through linkage with the range of other support and training providers operating in the county. Click on the link or call 0844 257 8450 or email firstname.lastname@example.org
This Government guide for SMEs sets out the full range of debt and equity finance options for start-ups and businesses looking to grow. GREAT Business also offers further guidance , including start-up loans and how to find private sector support.
My Business Support Tool provides impartial information and support to businesses and entrepreneurs looking to develop and grow. Its website contains lots of information and support, including an appeals process if you've been turned down by your bank, tips for a successful finance application and advice on writing a business plan.
The Business Support Helpline offers advice and guidance to new and existing businesses. It has information on national and local schemes, grants and loans to help businesses start and grow.
Calls to 0300 number will cost the same as calls to geographic numbers (starting 01 or 02), and may be included as part of any inclusive call minutes or discount schemes in the same way as geographic calls as defined by your provider. Telephone: 0300 456 3565 Monday to Friday, 9am - 6pm