Hogan Lovells advises Big Society Capital on Resilience & Recovery Loan Fund for disrupted social enterprises and charities

London, 12 June 2020 – Hogan Lovells has advised Big Society Capital (BSC) on the Resilience & Recovery Loan Fund (RRLF), a newly established facility for social enterprises and charities facing business disruption due to the COVID-19 pandemic. With the aim to make the UK government’s existing Coronavirus Business Interruption Loan Scheme (CBILS) more accessible, the RRLF loans will be government guaranteed.

BSC has made an initial investment of £25 million as part of a wider £100 million support package to help social sector organisations through the disruption caused by the COVID-19 pandemic.

Hogan Lovells advised BSC on its role as loan facility agent, security agent and lender with a team led by Senior Legal Director and Co-Head of Impact Financing, Sukhvir Basran, alongside Senior Associate, Oliver Shafe.

Sukhvir Basran said: "We are delighted to advise our client BSC on its role with RRLF, which will help manage business disruption resulting from COVID-19 and provide much needed working capital to social enterprises and charities during these uncertain times. As a firm, we are committed to finding solutions to social and environmental issues and our partnership with BSC is an example of our commitment to developing innovative financing structures anchored in impact outcomes."

Hogan Lovells’ advisory role for BSC adds to its extensive experience of the Impact Financing sector.  Hogan Lovells has advised social businesses, charities and impact investment projects on a pro bono and low bono basis around the world for over 10 years and has significant experience advising mission-led businesses and social enterprises.

BSC Senior Director Hazel Peck and Investment Director Rebecca MacDonald said: "Our experience of working with Hogan Lovells previously has always been positive and they continue to provide an excellent service tailored to our needs. RRLF is an important part of our response to COVID-19, providing working capital to social enterprises and charities affected by the crisis. RRLF forms part of a wider spectrum of support being provided by social investors, charitable foundations and Government, helping social sector organisations to survive in these challenging times, so that they can continue to improve people’s lives across the UK."

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