Social Enterprise Loan Scheme
As a social enterprise ourselves, SERVICE ONE has a vested interest in supporting other for-purpose ventures and socially conscious businesses and enterprises. That is why we have made available a Social Enterprise Loan Scheme. What is considered a social enterprise?From a ‘for purpose’ social business idea through to an established social enterprise looking to further develop and commercialise their capabilities, for the purposes of this loan scheme, a social enterprise is defined as either an entrepreneur, venture or business that is designed to:
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Loan schemes availableFunding is available under two different loan schemes:
To qualify for one of these loans, the applicant will need to submit an application under a Mill House program. The applicant may or may not have received Mill House accreditation. The Social Ventures Loan Scheme is for social entrepreneurs where the enterprise is providing a community benefit over and above a standard business enterprise. As part of the Social Enterprise Loan Scheme, we understand the pressures of the sector and support required to turn an idea into a thriving reality. That’s why we assess these very much on a case-by-case basis, that may consider the long-term view to the earning potential of the venture, previous experience with the Mill House, potential for direct positive impact on SERVICE ONE Members and our communities in the ACT and surrounding NSW (among other things). |
What loan funds can be used forDepending on the stage of the social enterprise development, loan funds can be used for various purposes, including (but not limited to):
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Loan eligibility: | ||||
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Key features of the loan product: | ||||||||||||||||||||
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How to applyTo apply for a loan as part of the Social Enterprise Loan Scheme, you need to first complete the online enquiry form. This will prompt you to complete some preliminary information we’ll need to ensure you’re eligible under the scheme and we may make some initial enquiries before requesting you to complete an application form to be submitted for formal assessment. |