128 | UK Enterprise Awards 2022 lending market. The panel meets regularly to discuss new business and to look at any changes that are needed to support existing customers. Turnarounds on decisions are quick and efficient. The charity also works with volunteers from the wider NatWest Group who provide support in areas such as website development, business planning and health and safety regulations. During the COVID-19 pandemic, NatWest S&CC launched a £1 million Response Fund to assist social enterprises and trading charities employing members of disadvantaged and vulnerable groups. The charity also offered existing customers a sixmonth capital and interest holiday. Looking to the future, Megan predicts the demand for NatWest S&CC’s services is set to increase, “The social enterprise and ethical consumer markets are growing. Especially among younger age groups. Research shows that social enterprises seek finance and business support more than other businesses NatWest Social & Community Capital was first set up in 1999. The independent charity, supported by NatWest Group, provides funding and support to business charities and social enterprises that don’t qualify for mainstream loans. NatWest S&CC’s mission is to enable these organisations to make a positive impact in UK communities. NatWest S&CC has been offering alternative finance options to social enterprises for over 20 years. Today the charity offers community business loans ranging from £30,000 to £750,000. The loans feature flexible repayment terms and give clients access to support from sector experts. CEO, Megan Virrels, tells us, “Over time, we’ve evolved to become better resourced and capitalised with new products, services, and initiatives. Having designed our own social impact framework, we’re able to demonstrate that we deliver clear and measurable social impact through our lending, media coverage and wider influence. In the last five years, Social & Community Capital has approved over £10 million in loans to more than 80 organisations throughout the UK.” Focusing on community regeneration, education, employment, and services for the most disadvantaged members of society, NatWest S&CC is proud of the personal relationships it develops with all its customers. Its team of 3 works in close collaboration with each other and with clients from initial contact throughout the life of every loan. Customers are safe in the knowledge that they can speak to any member of the team and they will be aware of their organisation, their circumstances and the challenges they face. The team prides itself on its supportive and available service and the high level of trust it develops with every client. Megan explains, “We want to understand each business and the impact it creates. We work with our clients to tailor repayment terms that suit their business. Our clients consistently rate us at 92% or higher for our understanding of their organisation’s vision, mission and values.” The NatWest S&CC credit panel is made up of volunteers from the bank and the wider impact Nationwide Social Lender of the Year 2022 May22250 and often more than once. This suggests there is unmet demand. Social enterprises often don’t look to banks for support or finance. They’re also less likely to look for traditional finance in the form of bank loans and overdrafts. The key challenge for us is how to ensure that our message reaches those in need of support and finance.” NatWest S&CC aims to expand its customer base further to enable more social businesses to impact communities across the UK. A final word from Megan, “It is important to us that we are helping those who need it most. We’re aware that seed funding is hard to access and so we’re looking to expand our support to earlystage social enterprises too.” We are proud to present this UK Enterprise Award to NatWest S&CC – long may its success continue. Contact: Megan Virrels Company: NatWest Social & Community Capital Web Address: www.natwest.com/scc
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