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<p>The government recognises the vital work social enterprises and co-operatives are
doing to support communities and ease demands on public services in light of Covid-19.
In recognising this, we have put in place a number of emergency measures to support
these organisations during this time.</p><p><strong> </strong></p><p>The government’s
Coronavirus Business Interruption Loan Scheme (CBILS) has been made available to social
enterprises and co-operatives. This scheme will provide lenders with a government-backed
guarantee of 80% on each loan, ensuring eligible social enterprises and co-operatives
gain access to crucial finance with no upfront costs and lower initial repayments.
Big Society Capital has established and capitalised a Resilience and Recovery Loan
Fund which aims to improve access to CBILS for social enterprises. The initiative
has been enabled by the Department for Digital, Culture, Media and Sport (DCMS) accelerating
the release of previously committed dormant bank accounts money.</p><p><strong> </strong></p><p>The
Coronavirus Job Retention Scheme is also available to social enterprises and co-operatives.
This scheme allows employers to claim for a cash grant of up to 80% of a furloughed
employee's wages. Many organisations are already accessing this support measure.</p><p><strong>
</strong></p><p>Additionally, the government announced a £750 million support package
earlier this month for charities. A number of social enterprises that are delivering
vital work during the coronavirus outbreak will be eligible to apply for this support
package.</p><p><strong> </strong></p><p>Over the coming weeks and months, the government
will monitor and evaluate the support that has been provided to social enterprises
and co-operatives, and it continues to consider what else can be done. This includes
examining further initiatives around access to finance for social enterprises and
cooperatives.</p>
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