How much detail is necessary to get through the eligibility checker in terms of our income and expenditure?
For the eligibility checker we are only looking for a ball park figure, which you should be able to see from your monthly in and out goings.
You might find it helpful to speak to your treasurer or the person who usually helps you with the organisation’s finances to help with outlining your financial position and plan in the full application.
Our organisation is a branch of an umbrella body, are we still eligible to apply?
If you can demonstrate that each branch has their own separate bank account and management committee/structure then you are able to apply.
How does the TSRF work in relation to other Scottish/UK Government schemes?
The Third Sector Resilience Fund is specifically designed to support organisations who are at risk of closure directly as a result of the Coronavirus outbreak. We would strongly encourage you to look at your individual circumstances and assess whether other emergency schemes (such as the Coronavirus Job Retention Scheme or the Coronavirus Business Interruption Loan Scheme) would provide a more viable alternative for your individual needs. We also encourage you to seek financial advice from a trusted source as outlined above.
What will the length of time will the funding cover?
It is difficult to predict the current situation. This fund is designed to support organisations in the short-term. It is expected that funding will be available to cover organisation costs for approximately four months.
Can I apply for a loan and a grant?
Yes, in fact for funding needs over £50,000 the fund may recommend a grant, a loan, or a mix of grant and loan funding. If, under normal circumstances, your organisation could repay a loan based on the terms below we would encourage you to consider this.
Please note organisations only need to make one application to the TSRF and the delivery partners will work together to secure the right grant and loan mix in each circumstance.
What are the terms of the loan?
This is a flexible loan product and each loan will be agreed on a case-by-case basis. Key features of TSRF loans are:
- Up to 12 months repayment holiday in the first year
- 0% interest
- No arrangement fees
- After the first 12 months, up to a further 4 years to repay
Will we receive all the funding at once?
Given the short-term nature of this fund, grant payments will be made full in advance. Some larger payments and loan funds may be made in tranches.
Will someone be in touch to discuss my application?
Not unless we need further information, but we may need to discuss some of the points in more detail. It is important that you provide details of an appropriate named individual in your application form including contact telephone and email address.
Who would be an appropriate named individual for the application?
This should be someone who is authorised to prepare and sign off the application and take responsibility for management of the funds, for example a senior manager of member of the board of directors/trustees.
If I get through the eligibility checker, what additional supporting documentation do I need to provide with my application?
As a minimum, all applicants will be asked to upload their most recent bank statement.
Applicants will also be asked to provide;
- a copy of your most recent audited/independently checked accounts;
- if you are a new organisation and do not yet have a set of year-end accounts, a copy of your management accounts or a budget report.
My accounts show a high level of reserves, how will this impact on my application?
To clarify, this fund supports organisations who are both:
- currently at risk, and;
- where this risk is as a direct result of the Coronavirus Pandemic, as opposed to pre-existing financial difficulties.
The application form asks specifically about your current financial position. It is important to include anything that will be important for us to take into consideration relating to financial commitments. For example:
- why there is a high (or low) level of unrestricted reserves showing in most recent accounts;
- why income in the last year is skewed, e.g. because of a large capital appeal of that an annual grant was received just before the end of the financial year;
- why accounts might be showing a deficit
Again, you might find it helpful to speak to your treasurer or seek financial advice to assist you with this.
What happens if my application was unsuccessful?
You will receive an email notification of the decision.
What happens if my organisation closes? Will we need to return the funds?
You will only be asked to return funds that you have been unable to spend before your organisation closes. Depending on who processes your grant, you should contact Firstport, SIS or Corra Foundation advising them of your position and they will advise on a case-by-case basis.